First Milk has revealed plans to raise its member milk price by 0.75ppl, effective from May 1, 2024, bringing its manufacturing standard litre price to 39.5ppl, inclusive of member premium.

Mike Smith, First Milk farmer director and vice chair, expressed optimism about the news amidst persistent wet weather conditions affecting members. He stated, “Given the ongoing wet weather and the challenge that brings to our members, I hope that this further increase in milk price will be welcomed.”

While acknowledging the balanced state of milk markets with demand facing pressure against global supply challenges, Smith emphasized the significance of the increase in light of current market dynamics.

This announcement follows a similar increment last month, where First Milk raised its milk price by 0.75ppl to 38.75ppl for its manufacturing standard litre, effective from April 1. Additionally, the member premium remains steady at 0.5ppl for the year starting April 1.

Notably, the increase incorporates the introduction of a new variable regenerative bonus, according to First Milk. Smith highlighted the importance of this bonus, stating, “The introduction of our variable regenerative bonus is an important development, recognizing and rewarding the efforts that our members are putting into driving progress on our regenerative journey.”

He further explained that this bonus would supplement the existing 0.5ppl regenerative bonus, which remains linked to the completion of the regen farming plan annually.

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