As world dairy markets continue to recover, the industry in Ireland has gone in the other direction, cutting peak supply milk prices.

More and more companies are benefiting from lower borrowing costs by issuing bonds.

ICMSA has called for every dairy farmer in the EU to be offered at least 10c for every litre of milk less they produce in 2016, compared to 2015.

Milk processors are warning that a typical dairy farmer could take a €30,000 income hit this year due to low milk prices.

IFA national dairy chairman Sean O’Leary says Glanbia has shortchanged farmers by seeking to keep the cost of milk well below that paid for by other co-ops.

Dairygold yesterday followed the example of other milk processors and reduced the price it will pay suppliers for June milk.

The country’s co-ops have been urged to arrest the fall in milk prices caused by the downturn in global dairy markets.

Glanbia has exited its consumer dairy products joint venture in Nigeria to reinvest in its core areas of performance nutrition and ingredients.

Billions of euro and thousands of jobs will flow from the historic deregulation of Europe’s dairy sector, a string of Irish ministers promised at the opening this week of a vast new plant to make dried milk for developing markets.

Glanbia Ingredients Ireland has substantially increased its cash payment to Wexford Creamery members from €3.7m to €10m, in a move that has quelled disquiet among milk suppliers.

Wexford Milk Producers (WMP) co-op members have voted to sell Wexford Creamery to Glanbia Ingredients Ireland.