First Milk has 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.
Commenting on the announcement, First Milk farmer director and vice chair Mike 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.”
Last month, First Milk announced that its milk price would increase by 0.75ppl to 38.75ppl for its manufacturing standard litre from April 1.
Including the member premium which will remain at 0.5ppl for the year from April 1.
The increase incorporates the addition of a new variable regenerative bonus, First Milk said.
“The introduction of our variable regenerative bonus is an important development, recognising and rewarding the efforts that our members are putting into driving progress on our regenerative journey,” Smith said.
“This will be paid in addition to the existing 0.5ppl regenerative bonus, which will remain linked to completion of the regen farming plan each year.”
