Milk prices held despite market slump

A less-than-expected 1.9% rise in the GDT Index for global dairy product sales on Tuesday left markets depressed.

The auction price was worse than had been indicated by futures trading, and very weak European dairy markets (suggestive of a current milk value of only 21-22c per litre, according to ICOS) leave dairy farmers as apprehensive as ever about prices in the spring, when Irish production volumes pick up.

The Ornua Purchase price Index has dropped to 88.2 for November.