Farmers supplying Tirlán will receive a milk price of 31.5c/l excluding VAT for their August supplies, at 3.6% butterfat and 3.3% protein.
The co-op’s August milk price is down almost 2.5c/l excluding VAT on July’s milk price of 33.89c/l excluding VAT.
On the milk price announcement, Tirlán chair John Murphy said that “inflation, higher interest rates and ongoing destocking continue to affect buyer behaviour”.
“Strong domestic milk production in China and weaker economic data from that region has also negatively impacted market sentiment. The margin pressures facing milk suppliers in most parts of the world are likely to curb global milk supply, although the timing remains uncertain.
“Having supported milk price strongly through the peak milk supply months, we will continue to focus on providing as much of a buffer as possible against very weak markets. The board will continue to review developments on a monthly basis,” he added.
Elsewhere, Lakeland Dairies has cut its August milk price by 1.5c/l to a base of 32.38c/l excluding VAT.
Kerry Group suppliers will receive 33.33c/l excluding VAT for their August milk at 3.3% protein and 3.6% butterfat.