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10 March 2009: Quota demand exceeds supply - Traded volumes fall. Minister Smith announces results of Sixth Milk Quota Trading Scheme

The Minister for Agriculture, Fisheries and Food, Brendan Smith, TD, today announced the aggregate results of the sixth Milk Quota Trading Scheme, which is the second of two allocating quota in respect of the 2009/2010 quota year. Commenting on the outcome, the Minister said: "Although demand for milk quota nationally continues to outstrip supply, there has been a sharp reduction compared to previous exchanges, and this has been reflected in the lower volumes traded on this occasion. In addition, it appears that sellers may, in general, have struggled to meet the price expectations of buyers, although the significant price reductions across the country are a welcome development."

Minister Smith confirmed that a total of just over 44 million litres of milk quota was offered for sale, with 21.4 million litres successfully traded. Of this total, 11 million litres was sold on the exchange at prices ranging from 10 to 25 cent per litre, with 10 million litres of this amount traded at less than 20 cent per litre. The remaining 10.4 million litres was sold through the priority pool at the maximum price of 10 cent per litre.

The Minister concluded by thanking the co-ops once again for their cooperation in the implementation of the Trading Scheme. Full results for their respective areas will be sent to the co-ops in the next few days, and a comprehensive review of the 2009/2010 Scheme will be conducted with the farming organisations and ICOS in the coming weeks.

NOTE FOR EDITORS

Aggregate results of the Sixth Milk Quota Trading Scheme are attached.

10 March 2009

Date Released: 10 March 2009