Global dairy prices fall for second time in a row
The GDT (Global Dairy Index) fell for the second time this year following a record gaining streak from December to May.
The GDT price dipped by 3.4pc with an average selling price of $3,423 per tonne. This comes following a 1.2pc drop at the previous sale held two weeks ago.
The sale had experienced 11 consecutive sale increases up until this point.
Cheddar, butter and butter milk powder had the biggest decreases falling by 14pc, 10.3pc and 10.1pc respectively, while anhydrous milk powder also dipped by 5.7pc and whole milk powder by 1.5pc.
This comes as Irish farmers have warned that anger is growing over Irish co-ops milk price policies after it emerged that Irish milk prices for April were ranked 16 in an EU-wide survey.
The published milk price comparison from the European Commission showed that the Irish April milk price of €32.70/100kg was the 16th highest in the EU. The EU-28 average was €34.52/100 kg.
Gerald Quain of ICMSA claimed: "If Irish farmers received the EU average, a farmer supplying 300,000 litres of milk would receive an additional €5,500 in a full year.
"Co-ops need to be very aware that farmer anger is growing in relation to what they firmly believe have been unjustified reductions in milk prices in recent months that simply represent co-ops cushioning themselves at the expense of their member suppliers."
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