Cuts to milk price across all processors are continuing, with Dairygold the latest to announce a reduced price for February.

In keeping with the general trend among processors, Dairygold has confirmed a cut in price of 6c/L for last month.

This brings its quoted price back to 46c/L, based on standard constituents of 3.3% protein and 3.6% butterfat, inclusive of sustainability and quality bonuses, and VAT.

In addition to the quoted price, the February early calving bonus of 2.1c/L including VAT will be paid on milk supplied in February in accordance with milk quality criteria.

This will bring the the price to 48.1c/L for milk supplies that qualify for this bonus.

The February price equates to an average February farm gate milk price of 55c/L, based on average February milk solids achieved by Dairygold milk suppliers.

The quoted milk price for February based on EU standard constituents of 3.4% protein and 4.2% butterfat is 50.2c/L.

A spokesperson for Dairygold said: “Dairy market prices have continued to weaken due to increased global milk supplies and reduced demand driven by inflationary pressures.

“The outlook for market returns is still uncertain but Dairygold will continue to maximise the returns from dairy ingredients to pay milk suppliers. The Dairygold board will continue to monitor markets closely and review milk price on a month-by-month basis,” the spokesperson added.

Also this week, Kerry Group and Lakeland Dairies announced their prices.

On Tuesday (March 14), Kerry Group announced that it would offer its suppliers a base price of 44c/L, including VAT, for milk at 3.3% protein and 3.6% butterfat.

This marks a drop of 6c/L by the processor from the base price of 50c/L for January supplies.

On Monday (March 13), Lakeland announced a further 6c/L cut in its milk price for February supplies.

In the Republic of Ireland, Lakeland Dairies has reduced the price by 6c/L to 46.85c/L including VAT for milk at 3.6% fat and 3.3% protein.

In Northern Ireland, Lakeland Dairies has reduced the price by 4p/L to 38.5p/L.