As a result of the continued downward trend in commodity markets over the last few months, we will reduce the milk price for our manufacturing pool by 0.5ppl and our liquid pool by 2ppl, both effective from 1 June 2014.
Our chairman Sir Jim Paice MP commented:
"I am sure that you will have seen the downward trend in global commodity markets over the last few months. For example, the Global Dairy Trade auction is down nearly 20% since February.
"As your Board, we have been closely monitoring the effect on our business and you will understand that the declines in these global markets impact directly on the returns we receive.
"At this stage, the returns from cheese have not declined as much, mainly as a result of our partnership with Adams Foods. However, there is a global commodity market element built into our manufacturing pool price, and that price will be reducing as a result.
"We will continue to monitor the marketplace and its impact on us, and use our communication channels to keep members updated on market trends."