All processors cut their prices for February supplies of milk.

LacPatrick cut its price by 3c/l to 31.07c/l, excluding VAT, in the Republic of Ireland, but maintained its 3c/l early calving bonus. In Northern Ireland, it cut its base price by 2.45p/l to 27p/l.

Aurivo cut its price by 1.4c/l to 32.25c/l. Dairygold dropped its price by 2c/l (32.3c/l), Carbery by 2c/l (32.88c/l), Glanbia by 3c/l (30.36c/l), Kerry by 2c/l (32.25c/l) and Lakeland cut its price by 1c/l (32.79c/l). Arrabawn also cut its base price by 3c/l (32.15c/l).

All prices are reported excluding VAT.

On Tuesday, skim milk powder prices fell 9% at the Global Dairy Trade (GDT) auction, dragging the overall GDT index down 1.2%.

In New Zealand, Fonterra has increased its forecast milk price for the 2017/2018 season and farmers can expect a final year milk price payout of up to $6.90/kg MS (27.8c/l).