Arla’s price for conventional milk will increase by 0.32 pence per litre from 1 April, as a result of the last quarter’s average exchange rate being introduced into the cooperative’s currency smoothing mechanism, taking the manufacturing litre to 27.43 pence.

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Commenting on the markets, Arla Foods amba board director, Johnnie Russell, said: “Commodity market prices have stabilised over the last few weeks, however protein prices remain at record low values. The recent increases in butterfat and cheese prices have diminished with these prices also stabilising around their February levels.”