The board of Dairygold has said it will maintain the February quoted milk price at 36c/L.

This is based on standard constituents of 3.3% protein and 3.6% butterfat, inclusive of sustainability and quality payments and VAT.

Dairygold had also held the January quoted milk price at 36c/L.

The board said today (Friday, March 13) that Dairygold’s Early Calving Payment for February is 5.2c/L, including VAT, which will be paid on milk supplied in the month at standard constituents and in accordance with Milk Quality Criteria.

"This increases the attainable Dairygold milk price to 41.2c/L at standard constituents," the board added.

Dairygold

According to the co-op the February milk price equates to an average farm gate milk price of 48.7c/L for the month, based on the average milk solids, achieved by Dairygold milk suppliers.

The quoted milk price for February, based on EU Standard constituents of 3.4% protein and 4.2% butterfat, is 45.2c/L, including the Early Calving Payment and inclusive of VAT.

According to the chair of Dairygold, Pat Clancy, dairy markets have shown "some signs of improvement in recent weeks, supported by short-term buying".

Clancy added: "However, overall fundamentals remain largely unchanged, as global milk supply remains strong across all major exporting regions.

"The Dairygold board continues to monitor markets closely and will review milk price on a monthly basis.”

Milk price

Separately the Lakeland Dairies board has also confirmed that it will hold the price for milk for February.

The board has agreed to hold the base price of 33.25c/L -based on 3.6% butterfat and 3.3% protein - for February milk in the Republic of Ireland (ROI) which is inclusive of the 0.5c/L Sustainability Incentive Payment.

Lakeland Dairies will also continue to pay 2c/L "input support", which it said is aimed at helping and supporting farmers through the current market challenges.

The co-op added: "In addition, ROI farmers will receive the normal 2c/L early calving bonus.

"The co-operative will also pay 5c/L on all qualifying litres for the out of season bonus".

In Northern Ireland (NI), Lakeland Dairies will pay a base price of 26.3p/L for milk supplied in February which is also inclusive of the Sustainability Incentive Payment.

The co-op will also pay an input support of 1.75p/L.

Lakeland Dairies stated: "All farmers will also receive an out-of-season payment of 3p/L.

"This will bring the minimum base price for milk in NI to 31.05p/L".

Ornua

Meanwhile the Ornua Monthly Purchase Price Index (PPI) for February is 121.6 - down from the previous month at 121.9.

The PPI is a monthly indicator of market returns on dairy products purchased by Ornua - including butter, cheese, whole milk powder and protein products - relative to comparable returns generated in a base year (2010).