Lakeland Dairies is the second processor out of the gates today (Monday, July 11) with an increased milk price for June supplies both in the Republic of Ireland (RoI) and Northern Ireland (NI).
The board of Lakeland Dairies has announced that its base milk price in the RoI has increased by 3c/L.
This will see suppliers receive 55.1c/L inclusive of VAT for milk at 3.6% fat and 3.3% protein.
On average, Lakeland Dairies’ payout in RoI will be 57.88c/L for June milk, the co-op said.
In RoI, all farmers committed to fixed milk-price contracts will receive an 8c/L supplementary payment.
In NI, Lakeland Dairies has increased its milk price by 2.5p/L to 44p/L.
On average, Lakeland Dairies will pay out 45.46p/L for June milk in NI including adjustments for constituents and quality, volume bonuses, and zero cartage charges.
In NI, all farmers committed to fixed milk-price contracts will receive a 7p/L supplementary payment.
The dairy markets continue to yield strong returns given limited milk supply growth from key dairy-producing regions due mainly to seasonality and higher input costs, a spokesperson for Lakeland Dairies said.
“Inflationary pressures continue to impact at every level of the dairy supply chain from farming, through processing and food manufacturing and onwards into the market.
“Current market conditions will continue to provide good returns for the foreseeable future,” they added.
Kerry increase
Earlier today, Kerry Group announced that its base price for June milk supplies will increase to 53.5c/L, inclusive of VAT, at 3.3% protein and 3.6% butterfat.
This reflects an increase in price of 2c/L compared to the base price paid for May supplies, which was 51.5c/L.
The price is 58.56c/L inclusive of VAT, at EU standard constituents of 3.4% protein and 4.2% butterfat.
Based on Kerry’s average milk solids for June, the milk price return inclusive of VAT and bonuses is 57.08c/L, according to the processor.