Currency devaluation since the Brexit vote in 2016 has resulted in a €50m loss to manufacturers of Irish cheddar. Exports of Irish cheddar to the UK between July 2016 and June 2017 totalled 81,591t.

This means that since the Brexit vote, exports of cheddar to the UK were down 1,535t. This is the second lowest total of the last six years.

Based on spot prices for mild and mature cheddar and the currency fallout, Irish manufacturers of cheddar are down €50m in terms of exports to the UK in the past year.

GDT

Meanwhile, at the Global Dairy Trade (GDT) auction in New Zealand this week, butter prices continued their upward trend, rising by 3.8% $5,954/t.

The overall GDT price index up by 0.3% to $3,323. Cheddar prices were up by 2.5% to $4,118/t, while whole milk powder prices dropped 1.6% to $3,100/t and skim powder prices fell by 1.2% to $1,944/t.

Milk cheques

From next week, Irish processors will start setting price for August milk.

The IFA said all of Europe’s milk purchasers have announced price increases for August and September milk, reflecting fast rising butterfat returns.

This, the association’s dairy chair Seán O’Leary said, means a minimum 1c/l milk price increase is justified for Irish farmers for August.

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