Kerry Dairy Ireland has announced that it will pay its suppliers a base price of 34.32c/l, excluding VAT for November supplies.
This is a drop of 3.32c/l compared with October's base price and marks the fourth month of significant and similar reductions.
When quality and sustainability bonuses are added in, the overall price rises to 35.68c/l, excluding VAT for November milk.
A spokesperson for Kerry Dairy Ireland said that global milk production continues to grow at an unprecedented pace
"Although lower prices are supporting some improvement in demand, markets remain oversupplied, with inventory levels particularly high in Europe. The outlook remains weak until production growth slows and market balance improves."
Global Dairy Trend
Meawhile, the overall Global Dairy Trend (GDT) price index fell by 4.4% at Tuesday's auction to an average price of €2,843/t.
Whole milk powder prices fell by 5.7% to an average price of €2.689/t.
The price index for skim milk powder also fell by 2.1% to €2,068/t.
Anhydrous milk fat saw a drop of 5.2% to €4,766/t.
SHARING OPTIONS