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Coveney Announces Results of Tenth Milk Quota Trading Scheme

The Minister for Agriculture, Marine and Food, Simon Coveney TD, today announced the aggregate results of the tenth Milk Quota Trading Scheme, which is the second of two that will allocate quota in respect of the 2011/2012 quota year. Reflecting on the outcome, the Minister said: "I am very pleased that the proportion of milk quota traded has again been very high on this latest exchange. It has essentially repeated the success of the first phase of this year's Trading Scheme by securing the trade of almost 98 per cent of the quota offered for sale. It brings to more than 71 million litres the total amount of quota traded in this year's Scheme, which is a significant improvement on the last two years, and as such is a timely boost to those dairy farmers looking to grow their businesses".

Commenting further on the results, Minister Coveney confirmed that a total of just over 25.5 million litres of milk quota was offered for sale, with almost 25 million litres successfully traded. Of this total, 18.4 million litres was sold on the exchange at prices ranging from 5 to 35 cent per litre. The remaining 6.6 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 year's Trading Scheme, the Minister confirmed that the mechanism again proved unnecessary: "The level of demand across the Co-ops in the second stage again ensured that all quota offered at, or slightly above, the market clearing price was sold. No seller was obliged to sell only part of their quota within the 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 the Co-ops in the next few days. A comprehensive review of the 2011/2012 Scheme will be conducted with the farming organisations and with ICOS in the coming weeks.

NOTE FOR EDITORS

Aggregate results of the tenth Milk Quota Trading Scheme are attached. - Click Here (xls 23Kb) 

Date Released: 16 March 2011