Kevin Kiersey today Fri said the increase in the price of butter and SMP to be paid by the IDB for product traded in January was bringing their index to 34.91 c/l, at 3.3% protein and 3.6% fat. He added that all indications are that prices have been rising further in February.
He said, “this confirms IFA’s analysis of market improvements for January and I am calling on all co-ops to follow Glanbia’s example and increase January milk prices by 1.5 c/l.”
Mr Kiersey, “co-ops will have the scope to increase milk prices further in the coming months to ensure that feed, fertiliser and fuel cost hikes do not prevent farmers from improving their margins in 2011.”
“Farmers will need strong milk prices to make investment on farm, which will be essential to deliver on the industry’s ambitions to expand,” he concluded.