Kerry Group announces March milk price increase
Kerry Group has become the third processor to announce its March 2022 milk price.
In a statement to That’s Farming, a spokesperson for Kerry Group said:
“Our Kerry Group base price for March milk supplies will increase to 46.5 c/l incl VAT at 3.30% Prot/3.60% Bfat and 50.95 c/l incl Vat at EU Standard Constituents 3.40% Prot/4.20% Bfat.”
“Based on Kerry’s average milk solids for March, the milk price return inclusive of VAT and bonuses is 50.57 c/L,” the spokesperson said.
- Lakeland Dairies will pay 47.1c/L (inclusive of lactose bonus and VAT) for milk at 3.6% fat and 3.3% protein. Meanwhile, in Northern Ireland, Lakeland Dairies has increased its milk price by 2.8p/L to 37.5 p/L;
- Glanbia will pay 08c/L (including VAT) for creamery milk supplies at 3.6% butterfat and 3.3% protein. Therefore, the overall Glanbia price of 47.08c/L for member milk suppliers includes a base milk price for March of 46.58c/L (including VAT).
Teagasc’s outlook on milk prices
Meanwhile, Teagasc has said that “very high milk prices may be sufficient to avoid a negative impact on dairy margins and income on most farms,” in 2022.
The state agency published its ‘situation and outlook for Irish agriculture’ report that the state agency published on Wednesday (April 13th, 2022).
It says that on many farms, higher feed, fertiliser and fuel expenditure in 2022 relative to 2021 should be largely offset by higher milk prices.
It does not envisage an increase in milk production in 2022. However, it says that “favourable or adverse weather” would impact the outcome.
It predicts that total milk production costs per litre in 2022 could rise by 30% on last year’s levels. However, it does acknowledge that the “degree of uncertainty that exists” makes this difficult to predict with “high” confidence.
Read more on this news article.