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Glanbia joins Kerry on 35c/l as IDB index goes to 114.5

Glanbia has joined Kerry Co-op on 35c/l (including VAT) for March milk supplies.

The move by the Leinster processor follows the decision by the Irish Dairy Board (IDB) to increase its price index yesterday by 3.5 to 114.5.

Dairy commodity prices have surged on international markets over the last three months on the back of tighter milk supplies in New Zealand due to drought and a late spring in Europe.

While the IDB index cannot be directly translated to milk price, industry sources said the 114.5 would equate to 37-38c/l.

Pat McCormack of the ICMSA called on processors to reflect market returns and increase milk prices to farmers.

Irish Independent