GLOBAL - Price indices at the Global Dairy Trade auction on Tuesday rose by 7.7 per cent, indicating continuing recovery in dairy prices.
The rise follows two previous auctions at which prices rose, on 2 and 16 August.
Butter prices rose by 14.9 per cent and skimmed milk powder prices by 10 per cent. Whole milk powder prices rose by 3.7 per cent.
Together with continued strong increases in EU average commodity prices, the Irish Farmers Association (IFA) said that this meant farmers would legitimately expect significant milk price increases.
IFA National Dairy Committee Chairman Sean O’Leary added: “Even allowing for a level of forward selling at lower prices, these continued return improvements will make a big difference to co-ops in their ability to pay higher milk prices.
"Farmers will be rightly expecting meaningful increases in the milk price for August and beyond, and the IFA National Dairy Committee will be lobbying board members accordingly.”
TheCattleSite News Desk