Kerry's price for May milk supply has been set at 21.4c/l excluding VAT, down 1c/l on the previous month.

Lakeland, Glanbia and Carbery have also decided to cut their May price by 0.5 to 1c/l this week.

This comes the Global Dairy Trade price index of dairy commodities flatlined at this Tuesday's auction, despite positive signals from international markets.

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Full coverage: Milk prices