Both processors have increased their base milk price for November by 2c/litre. This brings Lakeland’s milk price for November to 27.75c/l (excluding VAT) based on protein of 3.3% and fat of 3.6%.
Lakeland increased its October price by 1c/l and has now increased the milk price every month for the past five months.
Lakeland is also running a 3c/l out-of-season bonus for its suppliers.
Glanbia
Glanbia Ingredients Ireland has increased its base milk price to 27.5c/l (excluding VAT) for manufacturing milk at 3.6% fat and 3.3% protein. The board of Glanbia co-op has decided to pay its members a support payment of 1c/l for November manufacturing and liquid milk supplies.
This brings the November milk price for Glanbia co-op members to 28.45c/l (excluding VAT).
“Recent milk supply reductions in key production regions have led to a swift and very welcome recovery in dairy market prices,” Glanbia chairman Henry Corbally (pictured) said in a statement. “However, a number of uncertainties remain in the global environment. The Board will continue to monitor markets on a monthly basis.”
PPI
Last week, Ornua’s Purchase Price Index (PPI) reached a 19-month high. The PPI for November stands at 99.4, which is up from 95.9 in October.
Ornua said the near four-point PPI increase “reflects higher returns in the month across most products”.
Further co-ops will set milk prices for November in the coming days.
Source: FarmersJournal
Link: http://www.farmersjournal.ie/lakeland-sets-milk-price-for-november-242034