Kerry Dairy Ireland has dropped its August milk price by 1.5 cent per litre.
The processor will pay 47.53c/l including VAT and quality and sustainability bonuses for milk supplied in August.
Based on the average milk solids supplied to Kerry Dairy Ireland that month, the milk price inclusive of VAT and bonuses is 53.59c/l.
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The milk statement reported that EU dairy commodity prices, particularly butter and cheese, have dropped sharply, because of strong milk production across key exporting countries and weaker demand.
It continues that prices are likely to remain under pressure in the short term unless demand improves.
This milk price is equivalent to 51.94c/l incl. VAT at EU standard constituents (3.4% protein and 4.2% butterfat).
