With effect from 1st February First Milk will be cutting the price for its manufacturing pool by 2.43 pence per litre and for its liquid pool by 1.6 pence per litre.
Chairman Sir Jim Paice MP commented:
“During meetings which we held across the country in November, we shared our view with members that this market was likely to get rougher before it gets better. Unfortunately prices for core dairy products have softened further since the start of December.
“The rest of the Board and I remain acutely aware of the difficulties that the extreme market volatility is causing our members and dairy farmers around the world.
“We do not know how long this current downturn will last, however our priority is to make the business and our manufacturing assets as secure as possible in order that we can continue to process and market every litre of members’ milk.”