Lakeland Dairies has become the latest processor to announce its milk price for July supplies, revealing a reduced figure for last month’s milk.
Following a board meeting today, Tuesday, August 13, the cooperative revealed a reduction of 0.5c/L for July.
In the Republic of Ireland, a price of 30.78c/L including VAT has been agreed for milk supplied in July.
In Northern Ireland, a price of 25.25p/L will be paid for July supplies.
Commenting on the price, the co-op said:
The continued uncertainty in the global dairy markets has manifested itself more sharply in the last month with butter prices, in particular, coming under severe pressure as demand slows.
“Against the backdrop of weak demand for butter as well as Brexit uncertainty, geo-political trade tensions and significant euro-sterling fluctuations, Lakeland Dairies will continue to closely monitor the market in the weeks ahead.”
Glanbia cuts July price
Yesterday, Glanbia became the first processor to show its hand of cards for July, announcing a price cut for suppliers.
Glanbia will pay its member milk suppliers 29.5c/L including VAT for July manufacturing milk supplies.
Glanbia Ireland (GI) will pay a base milk price for July of 29c/L including VAT, for manufacturing milk at 3.6% fat and 3.3% protein.
The board of Glanbia Co-op has decided to continue to make a support payment to members of 0.5c/L including VAT for July milk supplies, according to the company.
The Glanbia Ireland price and the Glanbia Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers, the firm added.