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First Milk has today announced a price increase of 0.8 pence per litre from August 1 on a liquid standard litre basis (4% butterfat, 3.3% protein).

Commenting on the announcement, Jim Baird, Vice Chairman and farmer director, said:

“This increase will be welcomed by members and will go some way towards helping to offset the additional costs caused by the continued hot weather.

“There have been two key changes in recent weeks affecting the dairy markets - the hot and dry weather is bringing some uncertainty over UK and European milk production, and, although still relatively strong, markets have shown signs of weakening in the last six weeks. As always, we remain focused on maximising member milk price and delivering the best returns we can.”

Earlier this week Arla also increased its price by 0.88 pence per litre, taking Arla's standard litre price to 31.38 pence.