Tirlán today (Wednesday, June 18) confirmed it will pay a total of 49.08c/L, including VAT, for May creamery milk supplies at 3.6% butterfat and 3.3% protein.

The May milk price is down on the price Tirlán paid for April creamery milk supplies at 3.6% butterfat and 3.3% protein which was 50.08c/L, including VAT.

Tirlán's May milk price consists of the following:

Base milk price of 48.58c/L - including VAT- a reduction of 1c/L from April;
Sustainability Action Payment of 0.5c/L - including VAT - to all qualifying suppliers.

According to the co-op the base price and Sustainability Action Payment "will be adjusted to reflect the actual constituents of milk delivered by suppliers".

Tirlán also outlined in a statement to Agriland: "The actual average price paid by Tirlán for May creamery milk, based on delivered constituents will be 53.62c/L, including VAT".

According to the chair of the Kilkenny-based co-op, John Murphy, it has "come through a very strong peak milk supply period and milk volumes remain very good due to favourable weather conditions".

"It is still shaping up to be a decent year on dairy farms. The board will continue to monitor developments on a monthly basis," Murphy added.

The co-op believes that "higher volumes of milk being processed is beneficial for both suppliers and co-operative".

According to latest figures supplied by Tirlán in a single week over the peak period in mid-May, its facilities processed over 89 million litres from farmer suppliers, while hauliers delivered in more than 3,360 loads and made over 15,950 collections from farms.

Separately Tirlán today also confirmed the payment of €7.7 million in share Interest (dividends) to co-op shareholders.

The payment amounts to 23.06 cent per co-op share and has been transferred to the bank accounts of over 11,000 co-op members.

The average Tirlán milk supplier shareholder will receive a share Interest payment of €800.

Meanwhile the Global Dairy Trade (GDT) price index fell again yesterday (Tuesday, June 17). following the latest trading event.

The index declined by 1% to settle at 1,299, marking its third consecutive decrease.

The GDT auction, which is held twice in every month, is a trading platform for core dairy products.

The GDT price index last recorded an increase (4.6%) following the trading event held on May 6.