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First Milk Increases July Milk Prices

01 July 2016

UK - Dairy company First Milk has said that the current positivity in the market bodes well for future milk price moves, and has increased milk prices for July.

July A prices will rise by 0.5ppl, as result of an accelerated business performance supplement, and B prices will lift from July by 2ppl.

In his letter to members, chairman Clive Sharpe said: "Our turnaround process has led to significant changes in First Milk and the results are now coming through in improved financial performance.

"At member meetings in April and May, we committed to close the gap between our milk prices and the average of other dairy businesses by 2ppl, in the form of a business performance supplement.

"The first 0.25ppl of this supplement was delivered in June. Based on a stronger than forecast business performance over the last two months, we will be paying an additional 0.5ppl business performance supplement from July."

Mr Sharpe added: "Whilst I am sure these price increases will be welcome, we also recognise that the market and milk prices still have a long way to go before they get to sustainable levels.

"In the last few weeks we have started to see a firming of the market, and given the majority of our income is linked to basket price mechanisms, that market positivity bodes well for the future. Our next announcement will be in late July for August milk prices."

TheCattleSite News Desk

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