Lakeland Dairies has become the latest processor to reveal its milk price for July, revealing an increase to the base price.
Following a meeting of the board earlier today, Thursday, August 13, the cooperative announced its milk price.
In a statement, a spokesperson for the co-op said:
In the Republic of Ireland, a base price of 31c/L including VAT will be paid for milk supplied in July. This represents an increase of 1c/L on the June price.
In Northern Ireland, a base price of 25.25p/L will be paid for July milk. This is an increase of 1p/L on the June price, the co-op added.
Commenting on the price, Lakeland Dairies said:
“The dairy markets are delicately poised with demand subdued and milk production across Europe and the US moving into growth. This dynamic will need to be closely watched.
“There is stability, for now, in the markets but the re-emergence of Covid-19 nationally and internationally is concerning especially for the food-service sector,” it was added.
As well as the supply/demand dynamic and Covid-19, lack of progress on a Free Trade Agreement between the EU and the UK is worrying.
“Lakeland Dairies will continue to monitor the market closely in the coming weeks,” the cooperative concluded.