Glanbia's milk price reaches a record high
Glanbia Ingredients Ireland has announced a new record-breaking milk price of 39c/l for August supplies.
The VAT-inclusive price is 1c/l higher than the July price and reflects the ongoing buoyancy of international dairy markets.
The Irish Dairy Board (IDB) is also expected to announce a new record high purchasing price index today, with all industry observers expecting an increase similar to the 3pc increase in July.
The index is currently at an all-time high of 130.3.
The strength of dairy markets has led to demands from both the IFA and ICMSA for a 2c/l price increase to a VAT inclusive price of 40c/l.
"Supplies are still tight and stocks are limited and committed.
"Prices have even firmed within the EU, with average market prices for the main commodity combinations returning 45-47c/l before processing costs," said IFA dairy chairman, Kevin Kiersey.