The Dairygold board announced today (Friday, August 16) that it has increased its July quoted milk price by 2.0c/L to 44.5c/L.

The price is based on standard constituents of 3.3% protein and 3.6% butterfat, inclusive of sustainability and quality bonuses and VAT.

The July milk price equates to an average farm gate milk price of 49.8c/L, based on the average July 2024 milk solids, achieved by Dairygold milk suppliers.

The co-op stated that the quoted milk price for July, based on EU standard constituents of 3.4% protein and 4.2% butterfat, is 48.5c/L, inclusive of VAT.

A company spokesperson stated that dairy market returns have improved, primarily driven by further increases in butter prices.

The spokesperson said: "The Dairygold board remains focused on encouraging milk suppliers to maximise their milk production for the remainder of the year.

"To further to support this and to allow milk suppliers increase their stock of winter fodder, the board were pleased to announce a feed rebate of €15 per tonne on mainline feed products, for four weeks from August 12, 2024."

The rebate is designed to support farmers to build their grass and fodder stocks and to maximise milk volumes, to increase margin to year end.

The board stated that it will continue to "monitor markets closely" and review milk price on a monthly basis.

Dairygold also confirmed today that it is planning to carry out a milk supplier census for the 2025-2030 period in September.

The Cork-based co-op said that the results of this census will “lay the foundation for Dairygold’s strategic milk operations and commercial planning for the next six years”.

It added that the findings will inform the “decisions needed to support our milk suppliers’ production ambitions and to deliver sustainable growth for milk suppliers and the society”.

Dairygold's milk price announcement follows Lakeland Dairies, which also saw an increase for the month of July.

A base price of 45.25c/L – based on 3.6% butterfat and 3.3% protein – will be paid for July milk in the Republic of Ireland. This is inclusive of the 0.5c/L Sustainability Incentive Payment.

The base price has increased by 1.75c/L for milk supplied from last month.

Kerry Dairy Ireland also announced a milk price increase from 42.5c/L in June to 44c/L this month.