Dairygold has increased the price it will pay farmers for May milk supplied by 2.5c/l to 50.23c/l excluding VAT.

The May milk price, which passes the 50c/l mark, is based on standard constituents of 3.3% protein and 3.6% butterfat and is inclusive of bonuses.

Confirming the processor’s price for May milk on Thursday, a Dairygold spokesperson said that “the increase in milk price reflects the ability of the society to return a strong milk price to suppliers from continued strength in milk markets”.

“This strength is driven by global demand for dairy ingredients and supply constraints in major milk-producing regions.

“The society recognises the significant increases in input costs to suppliers this year and will continue to maximise the value of milk returns to address this challenge.

“As is customary, the Dairygold board will continue to monitor markets closely and review milk price on a month-by-month basis,” they said.

On Monday, Lakeland Dairies increased its milk price for May milk supplied by 2c/l to pay its producers 49.38c/l, excluding VAT

The announcement from Dairygold follows the prices set for May milk by a number of its competitors in recent days.

On Monday, Lakeland Dairies increased its milk price for May milk supplied by 2c/l to pay its producers 49.38c/l, excluding VAT.

Elsewhere, on Friday, Glanbia Co-op said it will pay its milk suppliers a farmgate price of 49.62c/l, excluding VAT, at base solids for May milk supplies. Glanbia’s May price is also up 2c/l on the price paid for April milk.

On Thursday, Kerry Group announced it will pay suppliers 48.8c/l, excluding VAT. This is a 1.8c/l increase in price compared with April.