On the back of strengthening markets, First Milk has secured improved returns from the non-retail cheese, whey and ingredients sectors.
Additionally, First Milk has slightly redefined its milk pools to ensure that market returns are directly linked to milk price. In practice this means that the balancing areas have been added to the regional milk pool to create a new balancing pool. Therefore the company now has three milk pools: Liquid, Cheese and Balancing.
Milk prices have been increased from 1 June as follows:
Chairman Bill Mustoe commented, "These moves mean that we have added over £13 million to the milk fund for member payments since February.
"This equates to a cumulative 1.4ppl increase to those in the liquid pool in 2010; a 1.1ppl increase to those in the balancing pool; and a 1ppl increase for those in the cheese pool.
"As we did in February, April and May, this move is in line with my commitment that we will increase milk prices as soon as we have cash available. We will move members' milk price up again when we have further improvements in net returns."
Notes to editors:
These price moves lift the standard litre prices as follows from 1 June:
For further information, please contact:
Group communications director
T: 0141 847 6789