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Lakeland Dairies has again maintained its price for October milk supplied at 55.78c/l excluding VAT.
The price has been unchanged since August. It will be paid to the co-op’s farmer suppliers for their October milk at 3.6% fat and 3.3% protein.
The co-operative is the first of Ireland’s major milk processors to announce the price it will pay for last month’s milk.
Input support
A Lakeland spokesperson said the 55.78c/l milk price includes a supplementary input support payment of 1.5c/l, inclusive of VAT, for all suppliers, including fixed milk price contracts.
The co-op’s board has also decided that all farmers with fixed milk price contracts will receive an 8c/l supplementary payment for October milk.
Northern Ireland
In Northern Ireland, Lakeland Dairies has maintained the price for October milk supplied at 47.5p/l. This price includes an input support payment of 1.5p/l.
All farmers in fixed milk price contracts with the co-op in Northern Ireland will receive a 7p/l supplementary payment for their October milk, plus the additional 1.5p/l input support payment.
A Lakeland's spokesperson pointed out that “global dairy markets, including Asian markets, have remained under growing pressure in recent months with prices and demand both weakening very significantly in the past month”.
“Geopolitical and economic issues, including inflation, interest rates and energy pricing, continue to affect overall market dynamics at every level.
"These factors are leading to reduced demand where sentiment among dairy buyers and consumers is becoming severely challenged in line with increasingly volatile market circumstances,” they said.
The spokesperson said Lakeland Dairies continues to “monitor market developments”.
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