Lakeland Dairies has today (Wednesday, January 10) announced that it will increase its milk price by 1.15c/L for December supplies.
The processor’s board has decided on a price for milk supplied in December with the base price increasing for all milk supplied.
A base price of 37.15c/L at 3.6% butterfat and 3.3% protein will be paid for December milk in the Republic of Ireland.
This means that the base price has increased by 1.15c/L. Qualifying farmers will also receive a 5c/L out-of-season payment.
Lakeland
In Northern Ireland, a base price of 30.25p/L will be paid for milk supplied in December. The base price has increased by 1p/L plus the usual out-of-season payment of 3p/L.
“As we face into 2024, the global dairy markets are more favourable but remain delicately poised.
“While there are some positive market indicators, particularly around milk supplies in key production regions, demand uncertainty remains.
“Lakeland Dairies will continue to monitor the markets closely in the time ahead,” the processor said in a statement.
Dairy markets
Meanwhile, the Global Dairy Trade (GDT) price index has increased by 1.2% at the first trading event in 2024 held last week.
The index now stands at 1,038 after a third consecutive increase. This follows a 2.3% increase to 1,025 at the final trading event of 2023.
The price index of whole milk powder (WMP) increased by 2.5% and now stands at $3,290/MT. Prices for butter and anhydrous milk fat also went up.
The most significant decline in the price index was recorded for lactose which fell by 5.0% to $753/MT. Butter milk powder, cheddar and skim milk powder (SMP) prices all dropped also.