The board met this Thursday and agreed to cut the price paid for January milk.

At 3.6% fat and 3.3% protein, Lakeland's cash price as reported in the Irish Farmers Journal milk league (excluding VAT, transport costs and bonuses) will drop from 24.8 to 24.3c/l.

Lakeland is the first processor to set its January price, following the 10th consecutive fall in Ornua's monthly purchase price index (PPI) on Tuesday.

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Products held firm at lower prices