Lakeland Dairies reveals milk price for June

The board of Lakeland Dairies met today, Wednesday, July 10, and set a price for June milk.

In the Republic of Ireland, a price of 31.28c/L including VAT has been agreed for milk supplied in June.

The base price has been held for the last three successive months.

In Northern Ireland, a price of 25.25p/L will be paid for June supplies. Like in the Republic, the base price has been held for the last three successive months.

Commenting on the price, a spokesperson for the co-op said:

“While supply in many of the large milk production regions remains subdued, there continues to be weakness in the global dairy markets. In particular, butter prices are under increasingly downward pressure.

“With butter prices at four-year lows, the co-op will continue to monitor the market closely.”

Ornua PPI

Meanwhile, the Ornua Purchase Price Index (PPI) dropped slightly for the month of June, the dairy exporter revealed.

Announced yesteday, Tuesday, July 9, Ornua revealed that its PPI index for June 2019 is 105.7, down from 107.3 in May.

This is, however, closer to April’s index of 105.9.

The June index converts to 31.6c/L, including VAT, based on Ornua’s product purchase mix and assumed costs of 6.5c/L, the dairy cooperative added.

In a statement, a spokesperson for Ornua said that the adjustment for June reflects lower butter prices off-setting higher powder prices and flat returns for cheese.