Following the first milk price announcement for the final month of 2024, the Irish Creamery Milk Suppliers’ Association (ICMSA) has welcomed the end-of-year bonus and called on other co-operatives to follow suit.

Lakeland Dairies decided to hold its milk price for the month of December t 49.6c/L, which is inclusive of the 0.5c/L Sustainability Incentive Payment.

A loyalty payment will be applied to all milk supplied in 2024 for suppliers on both sides of the border. The processor said it will continue to monitor the markets and will endeavour to support our farmers “as best we can”.

Chair of the ICMSA dairy committee, Noel Murphy said that it was "encouraging" to see this payments and that the first eight months of the year "will last long in the memory for the wrong reasons".

“From non-stop rain to a lack of fodder, there seemed to be no end to the problems until the autumn when it seemed that farmers got the break that we needed. This bonus is another welcome step away from those first eight miserable months," Murphy said.

Murphy said that the bonus is the equivalent of €4,000 to a supplier of 500.000L, and if it were to be replicated across the country by all other co-ops and milk purchasers, it would lead to a "direct injection of €68 million of badly needed cashflow".

"Given how farmers spend their money in their communities and their multiplier effect, this end-of-year bonus would be worth over €150 million to the local Irish economy.

"This is what dairy farming is all about and if you look at the work and spirit those farmers showed in their local communities during the recent weather and snowfall, then it’s very safe to assume that that bonus spend would be spent straight back into their local communities and economies," Murphy said.