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Smith Announces Results of Ninth Milk Quota Trading Scheme

The Minister for Agriculture, Fisheries and Food, Brendan Smith TD, today announced the aggregate results of the ninth Milk Quota Trading Scheme, which is the first of two that will allocate quota in respect of the 2011/2012 quota year. Commenting on the outcome, the Minister said: "A significant increase in demand has resulted in 95 per cent of all quota that was offered for sale on this exchange being traded. The actual volume traded has also risen significantly, with almost the same amount of quota sold today as the combined total in last year's two exchanges."

Commenting further on the results, Minister Smith confirmed that a total of just under 48 million litres of milk quota was offered for sale, with 46 million litres successfully traded. Of this total, 34 million litres was sold on the exchange at prices ranging from 5 to 32 cent per litre, with 99 per cent of this amount traded at or below 25 cent per litre. The remaining 12 million litres was sold through the priority pool at the maximum price of 5 cent per litre.

Referring to the national redistribution mechanism for partially unsold quota that was introduced for the first time in this Scheme, the Minister confirmed that the mechanism did not, in fact, have to be activated: "Such was the level of demand for quota around the country on this occasion that all of the quota offered at, or slightly above, the market clearing price was sold. No seller was therefore faced with the prospect of selling only part of their quota within their Co-op area, and so no national redistribution was necessary".

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 Co-ops today. Details of the next exchange will be announced early in January 2011.

NOTE FOR EDITORS

Aggregate results of the ninth Milk Quota Trading Scheme are attached. - Click Here (xls 27Kb) 

Date Released: 20 December 2010