Kerry Group, has this morning (Monday, July 17th, 2023), become the second processor to set its June 2023 milk supplies, following Lakeland Dairies’ announcement last week.
The processor, in a statement to www.thatsfarming.com, confirmed that its base price for June milk supplies is 37c/L (Vat Inc) at 3.30% Prot/3.60% Bfat and 40.61 cent per litre (Vat Inc) at EU Standard Constituents 3.40% Prot/4.20% Bfat.
Based on Kerry’s average milk solids for June, the milk price return inclusive of VAT and bonuses is 39.01 cent per litre, the statement reads.
This remains unchanged from the previous month’s previous, as reported by us in this news article.
In their statement, the spokesperson today noted that “prices for commodity dairy have fallen again in the past month with prices in the EU, US and GDT auction all moving in the same direction”.
“The demand for dairy has declined further with end users well stocked, slow to call off existing orders and slow to contract new volumes.”
“Milk supply is currently more than enough to cover falling demand, adding to downward price pressure,” the spokesperson concluded.
On Tuesday, July 11th, 2023), Lakeland Dairies became the first milk processor to set its price for June 2023 supplies.
According to a statement released to this publication by a spokesperson for Lakeland Dairies, the price of 37.35c/litre (3.6% butterfat and 3.3% protein) will be paid for June milk in the Republic of Ireland.
This price is unchanged from the May price, as reported by us in this news article.
Meanwhile, in Northern Ireland, Lakeland Dairies has held the base price of milk for June at 30 p/litre.
A spokesperson said: “Dairy markets have remained uncertain over the past month with demand for products subdued.”
“Milk production in many of the main dairy regions remains up on last year albeit the rate of growth has slowed.”
“This is resulting in the supply/demand dynamic remaining out of line, which is contributing to this market uncertainty.”