Gdt Butter and Smp Up 15% and 10%, and Eu Returns Up 1cpl in a Week – Farmers Legitimately Expect Meaningful August Milk Prices – O’leary

IFA President Joe Healy today (Tuesday) said that with GDT average price increases for butter and SMP of 15% and 10% respectively, and continued strong increases in EU average commodity prices, farmers would legitimately expect significant milk price increases for their August milk. He urged board members, who would be meeting from this week to decide on the August milk price, to pass back every last cent possible this month and beyond.

“The milk price equivalent of today’s GDT butter and SMP average price today has risen to 32.6 Euro cents/l gross, or 27 to 28c/l net of processing costs. The EU average returns reported by the EU MMO for week ending 28th August for the main dairy commodities relevant to the Irish product mix is equivalent to 28.5c/l incl. VAT, after processing costs,” he said.

IFA National Dairy Committee Chairman Sean O’Leary added: “Even allowing for a level of forward selling at lower prices, these continued return improvements will make a big difference to co-ops in their ability to pay higher milk prices. Farmers will be rightly expecting meaningful increases in the milk price for August and beyond, and the IFA National Dairy Committee will be lobbying board members accordingly.”