GLOBAL - The Irish Farmers Association (IFA) has said that dairy's two-year price slump is "well and truly over" after a nearly 13 per cent leap in the overall price index at the Global Dairy Trade auction on Tuesday.
The GDT price index rose by 12.7 per cent from levels seen at the previous event, reaching an average price of $2,731 (USD/MT, FAS). Whole milk powder saw the biggest price rise, of 18.9 per cent.
This follows a rise of 6.6 per cent in overall average prices at the previous event on 2 August.
IFA National Dairy Chairman Sean O’Leary commented: “The recent positive GDT results mirror the EU market price evolution, reflecting the lower global availability of milk, the utilisation of stocks, and the relatively good demand growth.
"This is why we believe they are a genuine sign that the dairy recovery, long overdue after a record two-year slump, has now taken hold.”
The organisation encouraged milk processors to pass these market gains on to suppliers.
TheCattleSite News Desk