With effect from 1st November First Milk will be cutting the price for its manufacturing pool by 0.3 pence per litre and for its liquid pool by 1 pence per litre.
Chairman Sir Jim Paice MP commented:
"Since the start of September there have been three Global Dairy Trade auctions. Two of these auctions, including the one yesterday, have shown downward trends.
"Additionally, our milk production shows no sign of slowing down, and we are up 10% over the last few weeks alone. With our main sites operating close to maximum capacity, the vast majority of this additional volume is ultimately going into Westbury where net returns are below 20ppl.
"As well as maintaining our focus on doing whatever we can within our influence to mitigate the impact of these negative market conditions, we will continue to keep our milk prices in line with our projected market returns."