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Milk Quota Trade almost doubled in second exchange

- Coughlan Announces 4% Of National Quota Re-Directed To Expanding Farmers -

The Minister for Agriculture and Food, Mary Coughlan T.D., today announced the aggregate results of the second Milk Quota Trading Scheme. Welcoming the significant increases in quota volumes traded through both the exchange and the priority pool, the Minister said: "I am delighted that the second trading scheme has built on the success of the first scheme. A near 100 per cent increase in the volume of quota traded through the exchange demonstrates that the scheme is meeting the requirements of milk producers in a time of change for the sector. I am especially pleased that the volume of quota made available to priority categories such as young farmers and farmers with quota of less than 350,000 litres has increased by more than 30 per cent compared to the first scheme."

Commenting further on the results, Minister Coughlan confirmed that a total of just over 177 million litres of milk quota was offered for sale, with just under 124 million litres traded. Of this total, 86.2 million litres was sold on the exchange at prices ranging from 9 to 28 cent per litre, and 37.5 million litres was sold through the priority pool at the maximum price of 12 cent per litre, with the exception of two Co-ops where the priority pool quota was sold at exchange prices of 9 and 11 cent.

The large increase in quota traded compared to the first exchange was generally not accompanied by a large change in price, with most Co-ops experiencing only a marginal change. The Minister was also happy to note that, overall, buyers were able to acquire more than 80 per cent of the quota they applied for, compared to just under 75 per cent in the first exchange. The Minister also welcomed the increased allocations to young farmers and other priority category producers, with young farmers' overall allocation rising by just under 20 per cent and that of small farmers by 176 per cent compared to the first scheme.

Referring briefly to the overall outcome of the two schemes, Minister Coughlan welcomed the fact that almost 200 million litres, or 4 per cent of national milk quota, had been traded under the new arrangements. "My Department will now undertake a thorough analysis of the Milk Quota Trading Scheme's first year results, and a comprehensive review of the scheme will be carried out in consultation with the main farming organisations and ICOS before the detailed arrangements for quota trading in the 2008/2009 milk quota year are agreed".

The Minister concluded by thanking the Co-ops once again for their cooperation in the implementation of the scheme. Full results for their respective areas will be sent to the Co-ops in the next few days.

NOTE FOR EDITORS

Excel file with Aggregate results of second Milk Quota Trading Scheme (xls 20Kb) 

25 April, 2007

Date Released: 25 April 2007