Kerry Group to cut milk price by 2c/l
Kerry Group have cut their milk price amid warnings of oversupply in the marketplace.
A spokesperson from Kerry Group said that the processor has moved to cut its milk price by 2c/l from January levels. It will pay suppliers 34c/l including VAT for February.
This comes following Glanbia Ireland cutting its milk price yesterday by 3c/l from January levels.
It will pay milk suppliers 32c/l including VAT for February at 3.6pc butterfat and 3.3pc protein.
However, it will also include a ‘special support payment’ of 1c/l to reflect “the tough Spring” and “challenging” conditions on farms.
It also follows the Global Dairy Trade prices slipped for the second time in a row.
Ahead of the board meeting, Glanbia Ireland’s Jim Bergin warned at the launch of the revamped Wexford cheese plant that there was an “oversupply situation”.
“Today, markets are trading considerably below the milk price, so therefore we will have to address that,” he added.