Lakeland Dairies has dropped back to a base of 34c/l (VAT inclusive) for August milk.
ADVERTISEMENT
Lakeland Dairies has cut its August milk price by 1.5c/l to a base of 32.38c/l excluding VAT.
Lakeland is the first processor to set a price for August and, in a worrying development for the sector as a whole, Lakeland said in a statement that the price paid reflected "market conditions".
In Northern Ireland, a base price of 27.25p/l will be paid for milk supplied in August. This represents a reduction of 1.25p/l on the July price.
ADVERTISEMENT
Global markets
"The global dairy market remains under pressure, with resilient supplies being met by continued weak demand," a Lakelands spokesperson maintained.
"Sentiment and activity among buyers remain subdued, which is being heightened by weakening economies in parts of the world," the co-op explained.
"Lakeland Dairies continues to closely monitor the markets in order to return the best price possible," the statement added.
Lakelands' decision will be a further blow for embattled dairy farmers who have endured a collapse in milk prices this year.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Lakeland Dairies has cut its August milk price by 1.5c/l to a base of 32.38c/l excluding VAT.
Lakeland is the first processor to set a price for August and, in a worrying development for the sector as a whole, Lakeland said in a statement that the price paid reflected "market conditions".
In Northern Ireland, a base price of 27.25p/l will be paid for milk supplied in August. This represents a reduction of 1.25p/l on the July price.
Global markets
"The global dairy market remains under pressure, with resilient supplies being met by continued weak demand," a Lakelands spokesperson maintained.
"Sentiment and activity among buyers remain subdued, which is being heightened by weakening economies in parts of the world," the co-op explained.
"Lakeland Dairies continues to closely monitor the markets in order to return the best price possible," the statement added.
Lakelands' decision will be a further blow for embattled dairy farmers who have endured a collapse in milk prices this year.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS