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Smith Highlights Continuing Strong Demand for Milk Quota

The Minister for Agriculture, Fisheries and Food, Brendan Smith TD, today announced the aggregate results of the fifth Milk Quota Trading Scheme, which is the first of two that will allocate quota in respect of the 2009/2010 quota year. Welcoming the continued strong trade on the exchange, the Minister said: "The volume traded today represents 87% of all quota offered for sale. Demand for quota continues to be very strong, to the extent that demand has outstripped supply by a ratio of 3:1. Sellers who have been unsuccessful on this occasion therefore have good prospects of being successful next time".  The Minister said that this result emphasised yet again the confidence dairy farmers have in their sector.

Commenting further on the results, Minister Smith confirmed that a total of just over 37 million litres of milk quota was offered for sale, with 32.3 million litres successfully traded. Of this total, 23.3 million litres was sold on the exchange at prices ranging from 10 to 40 cent per litre, and 9 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 co-operation 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. Details of the next exchange will be announced early in January 2009.

Note for Editors

Aggregate results of fifth Milk Quota Trading Scheme are attached (xls 18Kb)  .

Date Released: 19 November 2007