Lakeland Dairies has reduced its base price for milk supplied in February by 0.95c/l to 46.38c/l, excluding VAT.

All suppliers will automatically receive a 1.9c/l, excluding VAT, early calving bonus, bringing the February price to 48.28c/l, excluding VAT. Meanwhile, qualifying farmers will also receive a 4.7c/l, excluding VAT, out-of-season payment.

In Northern Ireland, a base price of 39.8p/l will be paid for milk supplied in February. The 3p/l out-of-season payment will be made on top of the base price.

A spokesperson for Lakeland Dairies has said that global dairy market demand has been more subdued in recent weeks after a period of general stability.