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Lakeland Dairies has held its milk price for May supplies in the Republic of Ireland at 27.51c/l, excluding VAT. Last month, it cuts its price by 1/cl.
In Northern Ireland, a base price of 23p/l will be paid for May milk and, again, the price has been held from April.
Commenting on the price, Lakeland Dairies said: “After a near-total wipe-out of the global dairy markets following the spread of the COVID-19 global pandemic, where prices fell to 2016 levels, there slowly appears to be stability returning to the market.
“As the entire food service network shut down across Europe, milk destined for food service flooded into the market for powders and butters, which resulted in an oversupply and a subsequent collapse in prices.
"With Lakeland Dairies significantly exposed to the food service sector, any reopening of the food service sector has been limited.
“A floor appears to have come into the market in recent weeks. However, prices remain well back on the start of the year prior to the spread of COVID-19.
“Lakeland Dairies will continue to monitor the market closely in the coming weeks and months ahead.”
Glanbia is also due to set its price on Thursday.
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