Lakeland Dairies has become the first processor to announce its milk price for June supplies, revealing its decision to maintain its milk price.

In a statement this afternoon (Friday, July 9), the processor said: "The Board of Lakeland Dairies has held the co-operative’s milk price for June.

"In Northern Ireland, Lakeland Dairies has held its milk price for June at 29.2p/L."

Noting that global markets are at present "demonstrating a reasonable balance of supply and demand", a spokesperson for the Cavan-headquartered cooperative said:

"European milk supplies, which have been constrained by colder than average temperatures in recent months, are now increasing gradually in line with weather improvements across the continent.

"Worldwide milk supply is also increasing at a strong pace with the main dairy producing countries exporting higher volumes.

"Foodservice markets continue a gradual recovery however this is coming from a significantly lower base in view of the ongoing impacts of the pandemic."

Lakeland Dairies will continue to monitor the market closely in the coming weeks, the co-op representative concluded.

This price announcement follows news of the Ornua Purchase Price Index for the month of June earlier this week.