Lakeland Dairies has today (Tuesday, June 13) announced its price for milk supplied in May, reflecting present market conditions.
In the Republic of Ireland (ROI) the processor has held the base price of milk for May at 37.35c/L including VAT, for milk at 3.6% fat and 3.3% protein.
The board has discontinued the monthly Input Support Payment (previously 1.5c/L in ROI and 1.5p/L in Northern Ireland), which was first established in August 2022 onwards.
In Northern Ireland, Lakeland Dairies has held the base price of milk for May at 30p/L.
Lakeland Dairies
The rate of growth in global milk supply is slowing but it still exceeds demand, the co-operative said in a statement.
“With economic volatility still a factor, there is generally weaker consumer sentiment in markets across the world.
“Dairy buyers continue to be reserved in their current and forward-looking buying patterns.
“Lakeland Dairies reiterated its commitment to paying the highest possible milk price, in line with market conditions, and continues to monitor market developments closely,” Lakeland said.
Dairy markets
Meanwhile, in its most recent auction the Global Dairy Trade (GDT) index saw another slight decrease, making it two consecutive drops.
The index now stands at 1,002 after trading event 333, a 0.9% decrease on the figure for the last event on May 16, which itself also saw a 0.9% decrease on the previous event.
A total of 23,119MT of product was sold, at an average price of $3,399/MT. Cheddar saw a significant 7.4% increase with an average price of $4,668/MT.
Anhydrous milk fat (AMF) and butter also saw gains, of 1.8% and 0.5% respectively. This was reflected in average prices of $4,728/MT for AMF and $5,088/MT for butter.
However, these increases were balanced out by decreases for both whole milk powder (WMP) and butter milk powder (BMP). The sub-index of WMP decreased by 3%, reflecting an average price of $3,173/MT.
For BMP, the sub-index fell by 2.4%, for an average price of $2,322/MT. No percentage change was recorded for skim milk powder (SMP), the average price of which was recorded at $2,755/MT.