First Milk has today announced that its member milk price will increase by 0.75ppl from May 1, 2024.
This will take its manufacturing standard litre price to 39.5ppl, including member premium.
The price for April was also increased by 0.75ppl.
Mike Smith, farmer director and vice-chairman, said that the introduction of the variable regenerative bonus was an important development.
The bonus rewards farmers driving progress with regenerative farming.
Smith said, “Given the ongoing wet weather and the challenge that brings to our members, I hope that this further increase in milk price will be welcomed. Milk markets appear to be fairly balanced at present, with demand remaining under pressure but that being offset by continuing challenges around global milk supplies.”