Lakeland Dairies has announced its price for milk supplied in the month of August, which the processor says “represents market conditions”.
In a statement this evening (Tuesday, September 12), Lakeland announced that its board had decided to cut its price in the Republic of Ireland by 1.5c/L on last month’s offering.
This gives a price of 34c/L based on standard constituents of 3.6% butterfat and 3.3% protein for milk supplies south of the border, down from 35.5c/L for July milk.
Lakeland said that the expected average payment for Republic of Ireland suppliers for August, based on this latest price, will be 38c/L.
The base price offering for suppliers in Northern Ireland, meanwhile, has been reduced by 1.25p/L, to give a price of 27.25p/L, down from 28.5p/L for last month.
For Northern Irish suppliers, the expected average payment will be 29.5p/L, Lakeland said.
According to the processor, the global dairy market remains under pressure, with resilient supplies being met by continued weak demand.
“Sentiment and activity among buyers remain subdued, which is being heightened by weakening economies in parts of the world. Lakeland Dairies continues to closely monitor the markets in order to return the best price possible,” the dairy business said.
Lakeland rule changes
Also today, the shareholders of Lakeland voted 98% in favour of adopting new rules within the co-op at a special general meeting (SGM) held in Co. Cavan.
Lakeland said the outcome helps ensure the co-op meets the needs of its farm family members across its catchment area.
Several of the changes relate to diversity, the processor said.
The shareholders voted on adopting the following changes to the co-op’s rulebook:
- Promotion of diverse membership and governance participation;
- Ensure meetings are held in a manner that encourages attendance and participation by diverse members;
- Introduction of postal, electronic and hybrid voting for elections of members of the board;
- Updating of language in the rules “to reflect a modern society”, for example, using chairperson instead of chairman.