The base price for milk from northern Italy, negotiated by the Italian farmers’ association Coldiretti, introduces a mechanism for ‘fair price adjustment’ for Grana Padano, which will come into force at the end of the year. The agreement sets a price of 48cper litre for July and August, 49c for September and October, and 50c for November and December over the next six months. Any surplus production will be subject to direct negotiations between individual producers and milk buyers, and thus constitutes a private arrangement outside the parameters set out in the agreement between the association and the industry.