Following Fonterra’s announcement of a reduction in its forecast Farmgate Milk Price in July, First Milk has made a similar move, citing volatile dairy markets.
"As a result of falling commodity prices and a continued decline in UK market returns, from the 1st of September we will need to reduce the price for our manufacturing pool by 0.5 pence per litre and by 0.65 pence per litre for our liquid pool,” said chairman Sir Jim Paice. “"We have highlighted the falling global and European prices in our member communications over the last few months, and unfortunately at this stage there is no sign of a turnaround.”
"We will continue to monitor returns closely and report back to members each month."
