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Simon Coveney TD, Minister for Agriculture, Food and the Marine, today announced, the aggregate results of the twelfth Milk Quota Trading Scheme, which is the second of two that will allocate quota in respect of the 2012/2013 milk quota year. Commenting on the outcome, the Minister said: “This exchange has been characterised by a return to the level of demand recorded this time last year and down from the significantly higher level of demand in the previous stage, last December. The volume offered for sale was also up on that offered in the previous stage thereby giving a ratio of a little over 5:1 in demand over supply. The result has been a satisfactory trade, with 86% of all quota offered for sale being taken up by buyers”.

Minister Coveney confirmed that a total of 29.3 million litres of milk quota was offered for sale, with 25.3 million litres successfully traded. Of this total, 16.6 million litres was sold on the exchange at prices ranging from 8 to 50 cent per litre. The remaining 8.7 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 last year, the Minister confirmed that the mechanism again did not have to be activated: “As was the case in each of the last three exchanges, the level of demand ensured 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 in September.