MG lifts farm gate milk price for fifth time

MURRAY Goulburn Co-operative has lifted it farm gate milk price for the fifth time this season, despite a decline in global dairy commodity prices in recent months.

The farmer-owned co-operative yesterday increased its payments by nine cents per kilogram of butter fat and 19 cents per kilogram of protein. 

The step-up takes Murray Goulburn’s weighted-average available price to $6.66 per kilogram milk solids (kgms), fractionally ahead of rivals.

It puts all three major processors within a few cents of each other, with Fonterra paying $6.64/kgms and Warrnambool Cheese and Butter $6.67/kgms after their most recent increases.

Murray Goulburn also revised upward its forecast for the full year from the previous estimate of $6.66/kgms to $6.85/kgms, although it was still subject to external factors including fluctuating international commodity prices and currency movements.

Managing director Gary Helou said company cost reductions and investment in innovation and product value-adding contributed to the step-up.

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