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Practical World True News Magazine

#Business : Milk becomes cheaper than water !

Dairy farmers payment delayed as milk becomes cheaper than water.



Dairy farmers payment delayed as milk becomes cheaper than water Largest dairy firm First Milk delays payments to farmers as global glut cuts price of four-pint carton to £1.

More than 1,000 farmers will not be paid for their milk on Monday, after the UK’s largest dairy company announced it was delaying payments because of a crash in prices.
First Milk, a co-operative owned by British farmers, said 2014 had been a “year of volatility that has never been seen before” in the global dairy industry. It will delay Monday’s payments to farmers by two weeks and all subsequent payments by a fortnight.
Sir Jim Paice, the Conservative MP who is chairman of First Milk, said: “We are a business owned by dairy farmers. The board are acutely aware of the difficulties this current extreme volatility is causing First Milk members and the UK dairy industry.”
“We don’t know how long this current market downturn will last, and we are aware that hundreds of UK dairy farmers are unlikely to find a home for their milk this spring.
“Our priority is to make the business and our processing assets as secure as possible in order that we can continue to process and market every litre of our members’ milk.”
First Milk is also increasing levies on its members, which it said would put the business on a “stronger platform” ahead of the spring.


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