Dairygold Announces Milk Price Increase for September Supplies
Source: DairyNews.today
On Thursday, October 17, Dairygold became the latest dairy processor to announce an increase in its milk price for September 2024 supplies.
The company’s board raised the price by 2.25c/L, bringing it to 48.0c/L for milk with standard constituents of 3.3% protein and 3.6% butterfat. This price includes sustainability and quality bonuses, as well as VAT.
For the average September 2024 milk solids achieved by Dairygold suppliers, this equates to a farm gate milk price of 59.9c/L. Using the EU standard constituents of 3.4% protein and 4.2% butterfat, the quoted price for September stands at 52.3c/L, inclusive of VAT.
According to a Dairygold spokesperson, dairy market returns strengthened in September, with particular improvement in the prices of butter and cheese due to increased buying activity and constrained global supply. However, in recent weeks, butter prices have fallen from their record highs. The board confirmed that it would continue to closely monitor the markets and review milk prices on a monthly basis.
Dairy Market Overview
In the broader dairy market, the Global Dairy Trade (GDT) price index experienced a slight decline of 0.3% in the most recent auction, dropping to 1,160 from the previous 1,164. A total of 38,956 metric tonnes were sold, with an average price of €3,529 per metric tonne.
Cheddar prices saw the largest increase, rising by 4.2% to an average of €4,308/mt. In contrast, the indices for butter, skim milk powder, mozzarella, and lactose all declined, with mozzarella seeing the most significant drop, falling by 8.2% to €4,177/mt. The decline in the GDT price index follows two consecutive increases, reflecting ongoing fluctuations in global dairy markets.
For the average September 2024 milk solids achieved by Dairygold suppliers, this equates to a farm gate milk price of 59.9c/L. Using the EU standard constituents of 3.4% protein and 4.2% butterfat, the quoted price for September stands at 52.3c/L, inclusive of VAT.
According to a Dairygold spokesperson, dairy market returns strengthened in September, with particular improvement in the prices of butter and cheese due to increased buying activity and constrained global supply. However, in recent weeks, butter prices have fallen from their record highs. The board confirmed that it would continue to closely monitor the markets and review milk prices on a monthly basis.
Dairy Market Overview
In the broader dairy market, the Global Dairy Trade (GDT) price index experienced a slight decline of 0.3% in the most recent auction, dropping to 1,160 from the previous 1,164. A total of 38,956 metric tonnes were sold, with an average price of €3,529 per metric tonne.
Cheddar prices saw the largest increase, rising by 4.2% to an average of €4,308/mt. In contrast, the indices for butter, skim milk powder, mozzarella, and lactose all declined, with mozzarella seeing the most significant drop, falling by 8.2% to €4,177/mt. The decline in the GDT price index follows two consecutive increases, reflecting ongoing fluctuations in global dairy markets.
