Lakeland Dairies has announced that it has increased its milk price for August supplies of milk by 1c/l, plus a lactose bonus of 0.28c/l.

This brings the Lakeland milk price for August to 33.47c/l, excluding VAT.

Earlier on Tuesday, Glanbia Ireland announced that it will pay its milk suppliers 33.11c/l excluding VAT for August manufacturing milk supplies.

Glanbia Ireland has also announced that it will pay its milk suppliers a 1c/l bonus on all milk supplied in January to June of 2017.

The 1/cl bonus payment applies to all liquid and manufacturing milk supplies.

Milk volumes allocated to Glanbia’s Fixed Milk Price Schemes will also benefit from the flat 1c/l bonus payment.

Glanbia Ireland chair Henry Corbally said: “While the short-term outlook remains positive, we note that the current high prices are leading to higher production in key regions and may affect demand when fully passed through the supply chain.

"Exchange rates, particularly the weakening dollar, may also have an impact on returns in the medium term. The board will continue to monitor market developments on a monthly basis.”

Glanbia increases milk price and adds bonus payment

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Lakeland Dairies increases price for August milk supplies

Lakeland Dairies is the latest processor to increase its milk price for August supplies of milk.