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Dairy processors optimistic
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A number of Australian farmers are celebrating following the recent decision from dairy co-operative Norco milk to increase its payments to suppliers.
The price hike will result in farmers now snaring 77 cents per litre of milk until June 30 this year, a rise of two cents.
It equates to $2million in additional revenue from Norco to over 300 of its members across northern New South Wales and southern Queensland.
Norco chief executive officer Michael Hampson said the increase would be welcome news, especially for those farmers who have endured drought conditions in recent years.
In good news for farmers across Australia Norco milk (pictured above) has increased its payments to suppliers
Norco milk suppliers to get $2m boost as the dairy co-operative lifts its farm gate milk price to 77 cents per litre
SunSunday 31
updated
MonMonday 1
FebFebruary 2021 at 2:27am
Dairy co-operative Norco will pay its suppliers an additional $2 million for their milk in the six months to June 30, 2021.
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Key Points:
Norco lifts milk price by 2 cents to 77 cents per litre for six months to June 30
Suppliers will receive an average of just over 70 cents across the full year
The increase amounts to $2 million in additional payments from the co-operative
The increase will see its farmers receive 77 cents per litre for the second half of the financial year and push its average for the year up to just over 70 cents.
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An increase in consumer demand for fresh milk, cream, cheese, custard, butter, ice cream and flavoured milk has seen Norco increase its farm gate by two cents to 77 cents per litre.
The move by Australia’s oldest dairy co-operative means the price rise will see suppliers receive an average of slightly over 70 cents across the full year as the two cents to 77 cents per litre will continue for six months to June 30.
The increase delivers an additional $2 million to co-operative in additional payments from the co-operative.
Norco Chairman Michael Jeffery said the continued strong results were a direct result of consumers continued commitment to supporting the 297 members in NSW and Queensland.
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