The Lakeland Dairies board said it has agreed to hold the price for milk for June.

A base price of 37.5c/L at constituents of 3.6% butterfat and 3.3% protein will be paid for June milk in the Republic of Ireland.

This is inclusive of the 0.5c/L Sustainability Incentive Payment.

This is unchanged from the price paid in May, Lakeland confirmed.

Market support payment

The co-operative said it will also pay a 'market support' payment of 0.6c/L on all milk supplied from January to June, adjusted for milk constituents.

Lakeland said this support reflects "ongoing commitment to suppliers during a period where unprecedented global milk volumes and continued market volatility placed pressure on farm gate returns".

In Northern Ireland, a base price of 30.1p/L will be paid for milk supplied in June which is also inclusive of the Sustainability Incentive Payment.

This is the same as the price paid in May.

A market support of 0.5p/L will also be paid.

Dairy markets

Lakeland commented: "Global dairy markets remain relatively unchanged since last month.

"Supply remains strong but positively we are starting to see some early signs of a slowdown in milk production across the globe. 

"Lakeland Dairies will continue to monitor the markets and will endeavour to support our farmers with the best milk price possible in line with market conditions."

Latest GDT

In other dairy news, the Global Dairy Trade (GDT) index recorded another decline in its latest trading event on July 7.

The index was down by 4.9%, for an average price of €3,323/t.

This was the third consecutive decline.

In terms of individual product sub-indices, there was a decline in the butter index of 5%, for a price of €4,669/t.

Cheddar also declined, down 12.3% for a price of €3,412; while mozzarella was up by 3.8%, bringing the price to €3,410/t.