Recovery signs after 24-month dairy slump

Rising July milk prices and a jump in the global dairy auction have encouraged dairy farmers to believe a long overdue recovery is under way after a record two-year dairy market slump.

Ireland’s biggest milk buyer, Glanbia Ingredients Ireland (GII), said it will pay its member suppliers 23cpl including VAT for July manufacturing milk, inclusive of a 2 cpl Glanbia Co-op payment to its members (for manufacturing and liquid milk), after Glanbia Ingredients Ireland (GII) increased its base price by 1c to 21c, at 3.6% fat and 3.3% protein.

It is Glanbia’s first milk price rise in more than 15 months, having paid 22 cpl for June milk.