Lakeland Dairies has become the first processor to announce its milk price for the month of July – revealing its decision to hold its current price.
In a statement today (Thursday, August 12), a spokesperson for the Cavan-headquartered cooperative said:
“The Board of Lakeland Dairies has held the cooperative’s milk price for July.
“In the Republic of Ireland, Lakeland Dairies has held its base milk price for July at 36c/L including VAT, for milk at 3.6% fat and 3.3% protein.
“In Northern Ireland, Lakeland Dairies has held its milk price for July at 29.2p/L.”
Offering some market commentary, the co-op spokesperson said:
“Dairy markets remain reasonably stable, however there has been a level of adjustment in the balance of supply and demand, affecting butters and powders in the main.
“Weather events around the world have created some uncertainty in terms of their potential impact on milk supplies, including in Europe where supplies are curtailed, while other milk production regions are now exporting higher volumes in line with seasonal trends.
“There remains a level of variability in forward buying patterns, given the still ongoing effects of the pandemic and the effectiveness of vaccination programmes around the world.
“There are ongoing restrictions in markets where vaccine programmes are not yet fully established and new variants of COVID-19 are present.”
Continuing, the cooperative representative said the foodservice sector “continues to benefit from the reopening across the world”; however, this remains tentative in many markets where consumer activity within the hospitality, tourism and catering sectors is recovering slowly and from a very low base.
Lakeland Dairies will continue to monitor the market closely in the coming weeks, the spokesperson concluded.