Milk prices ‘slow to recover’

The price paid to dairy farmers may take a long time to recover despite signs that the global milk crisis may have finally bottomed out, said East of Ireland MEP Mairead McGuinness.

Speaking at the the 2015 Diageo Baileys Irish Champion Dairy Cow awards in Virginia, Co Cavan, she said global supply is ahead of demand arising from a series of issues, including the Russian ban on EU food imports and weakening demand from China.

“In such a market, buyers hold back expecting prices to fall further,” Ms McGuinness said.

“However, indications from New Zealand of a slight lift in its auction price is reminiscent of the prices paid at the lowest point in the dairy market in 2009.”