First Milk has today announced that its member milk price will increase by 1.4p/l from July 1, 2022, and by a further 3.05p/l from August 1, 2022.
This will take its milk price on a manufacturing standard litre to 43.45p/l from July 1, and 46.50p/l from August 1, including the member premium.
Commenting on the announcement, Robert Craig, farmer director and vice chairman, said:
“We recognise that the rate of increase in our milk price may be slower than some others, given the scale of market change.
"This is purely a timing issue, and our business model enables us to recover inflationary costs and market movements from our customers over time.
“We remain completely focused on continuing to pass on these returns through the milk price to our members as soon as they are affordable.”
Event number 309 saw the GDT rise by 1.5% following five consecutive events in which the index was in decline.
This reflects an average price of $4,656/MT of product sold.
The index now stands at 1,359, up from 1,340 on May 17 but significantly down from the index on March 1, when it hit an all-time high of 1,593.
From 14 bidding rounds emerged 111 winning bidders in an event that lasted for just over two hours.
A total of 163 bidders took part and the quantity sold was 21,435MT.