Lakeland Dairies has announced that it will reduce its milk price to farmers for August, following on from a similar announcement last month for July milk.

The board of Lakeland has agreed a price of 47.25c/L at 3.6% butterfat and 3.3% protein for August milk in the Republic of Ireland.

The price in inclusive of the 0.5c/L Sustainability Incentive Payment.

Lakeland confirmed that the price announced today (Wednesday, September 10) for August is a reduction of 1c/L on the price paid for July.

In Northern Ireland, a price of 38.3p/L will be paid for milk supplied in August, which is also inclusive of the Sustainability Incentive Payment.

This is also a reduction of 1p/L on the price paid in July.

According to Lakeland, prices are facing downward pressure, driven by very strong milk supply in all markets and a weakening in consumer demand, caused by inflation and lower spending power.

Trade and market confidence are also being affected by geopolitical tensions, according to the processor.

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

Meanwhile, Lakeland Dairies has launched the second year of its 'Pathway to a Better Future' bursary programme.

The announcement was made by chief people officer, Liz Shouldice, at the Virginia Show in Co. Cavan last month.

She said: “We are delighted to launch the Pathway to a Better Future bursary for the second year.

"This programme supports talented young people as they pursue their studies and opens up opportunities for them to become part of the future of our industry," Shouldice added.

This year, six students will each receive an award of €2,000/£2,000 to support their studies at undergraduate or higher-level degree (Masters or PhD) levels.

Eligible fields of study include agricultural science, dairy or food science, engineering, sustainability, supply chain or any other relevant field.