British farmer-owned co-operative First Milk has today announced that its September milk price will increase by 0.5p/L.
This means its liquid standard litre will increase to 27.25p/L, whilst its manufacturing standard litre will increase to 28.15p/L, both including its member premium.
Commenting on the announcement, Robert Craig, farmer director and vice-chairman, said: “Even though Covid-19 has impacted the dairy market, First Milk has been able to weather the storm and provide members with milk price stability to date.
Overall our first-quarter results were positive, albeit in challenging circumstances, and this has allowed us to deliver this milk price increase to our members for September.
“Of course, there remains uncertainty ahead – from the potential supply chain and market disruption if no EU trade deal were to be agreed, to concerns about what may happen with Covid-19 as we head towards autumn.
"As ever, we’ll do all that we can to maximise returns and deliver stability to our members in the months ahead.”
Earlier this week, the Global Dairy Trade (GDT) index plummeted following the conclusion of the latest auction.
The most recent tender – event 265 – concluded on Tuesday afternoon (August 4), with the GDT Price Index down 5.1%.