Dairygold has today (Thursday, June 16) announced that it is increasing the price paid for milk supplied during May.
The quoted milk price for last month is up by 2.5c/L to 53c/L, based on standard constituents of 3.3% protein and 3.6% butterfat, inclusive of bonuses and VAT.
The processor said that this milk price equates to an average May farmgate milk price of 57.2c/L, based on average May milk solids achieved by Dairygold milk suppliers.
The quoted milk price for May, based on EU Standard constituents of 3.4% protein and 4.2% butterfat, is 57.8cpl.
A spokesperson for Dairygold commented that “the increase in milk price reflects the ability of the society to return a strong milk price to suppliers from continued strength in milk markets".
"This strength is driven by global demand for dairy ingredients and supply constraints in major milk-producing regions," they continued.
"As is customary, the Dairygold board will continue to monitor markets closely and review milk price on a month by month basis," the spokesperson concluded.
Last week, Glanbia announced that it will pay its milk suppliers a total of 52.08c/L, including VAT, for May milk supplies.
Lakeland Dairies increased its milk price by 2c/L to 52.10 c/L, including VAT, for suppliers in the Republic of Ireland.
Kerry Group, the first processor to announce a price for May, will pay a base price of 51.5c/L, including VAT.