Lakeland Dairies has cut its February milk price by 6c/l, bringing the base price to 44.61c/l, excluding VAT, for milk at 3.6% fat and 3.3% protein.

This is the second consecutive milk price cut this year - the January milk price was also cut by 6c/l.

The February price includes an input support payment of 1.5c/l, inclusive of VAT, for all suppliers.

Northern Ireland

In Northern Ireland, Lakeland Dairies has reduced its milk price by 4p/l to 38.5p/l. The February price includes a supplementary input support payment of 1.5p/l.

While markets firmed somewhat over the past month, this has come from a low-level base of current prices, a Lakeland spokesperson said.

“Generally weaker conditions have continued due to higher global milk supplies and fluctuating demand from dairy buyers.

Uncertainty

“This is against a backdrop of economic uncertainty, with ongoing inflationary pressures impacting consumer, trade and manufacturing requirements for dairy products and ingredients.

“Overall outcomes remain unpredictable and there is continuing variability which will remain a feature of global markets for the immediate period ahead.”

Lakeland Dairies will seek constantly to maximise returns for milk suppliers and will pay as competitive a milk price as possible in line with market conditions, the spokesperson added.

Lakeland is the first processor to set a price for February milk supplies.

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Lakeland Dairies cuts February milk price

The board of Lakeland Dairies reduced the co-operative’s milk price for February, as weaker dairy market conditions continue to have a serious effect on market returns.