The board of LacPatrick Dairies met to set a price for March milk supplies earlier today.
The co-operative has announced a 2.5c/L cut to the price paid to suppliers in the Republic of Ireland, who will be paid 30.25c/L.
Meanwhile, a price of 25p/L (a drop of 2p/L on the February price) has been set for suppliers in Northern Ireland.
On the March milk price, Andrew McConkey, chairman of LacPatrick Dairies, said: “Making price cuts of any kind is always a difficult, difficult decision and a decision that is not made easily.
“We, as a board and a co-op, are very aware of the fact that the spring has been exceptionally tough on farmers with fodder shortages but we must ensure that the co-op remains in a strong financial position.
The dairy markets have been exceptionally weak since the end of 2017 and the farmgate price since last October was well ahead of what was being returned from the market.
“However, it appears that we are entering the end of the current cycle of downward pressure on prices. We would hope that the very tentative signs of recovery in the markets will be rapid and that we can get back into a more positive position for all our farmers,” McConkey said.