The board of Glanbia Ingredients Ireland (GII) has increased the August milk price by 2c/l. This brings the Glanbia price to 23.7c/l* at 3.3% protein and 3.6% fat excluding VAT. Net price to the farmer is 25c/l including VAT.

Drinagh Co-Op has increased price by 1.5c/l to bring its milk price to 25.15c/l excluding VAT with the same protein and fat content as above.

IFA President Joe Healy said other co-ops must follow the Lakeland and Glanbia lead.

He added that for some co-ops, including Kerry who did not increase their July milk price, and other co-ops at the low end of the Milk League, lifting the August milk price in a meaningful way would involve more than a 1c/l increase.

“GDT auction results, the Ornua PPI and EU spot and average quotes reported by the Milk Market Observatory have all made clear in recent months that significant milk price increases would be justified,” Healy said. “While the price increases in July and further uplifts in August will be welcomed by financially stressed farmers, they will not suffice to address their cash flow difficulties until prices start exceeding production costs and volumes increase seasonally into next year.

“Co-ops must pass back the maximum possible milk price improvements this month and beyond to help relieve the income crisis on many farms."

*The Irish Farmers Journal calculates milk price excluding VAT

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