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First Milk Cuts Farmgate Prices

06 January 2016

UK - Dairy company First Milk has reduced its farmgate milk price for January across the majority of its milk pools.

The Cambeltown, Arran, Lake District and Haverfordwest creamery pools, as well as the Northern England balancing pool, will all reduce 0.25ppl. The Scottish balancing pool price will fall 0.18ppl. The Midlands balancing pool remains unchanged.

First Milk's interim chairman Nigel Evans commented: "While 2015 was a hugely challenging year for First Milk and our members, the announcement that we had concluded refinancing with our current banks demonstrates the progress we have made, not only in stabilising the finances of the business, but also in reshaping the company over the last 12 months.

"However, the market backdrop remains extremely tough. Sustained oversupply of milk, especially in the EU is driving up stock levels and putting downward pressure on prices.

"With returns for our cheese business set by a basket mechanism, announcements from other processors of price drops for January have had a direct impact on First Milk returns."

TheCattleSite News Desk

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