Lakeland Dairies has announced that it will hold June’s milk price for suppliers.

Lakeland Dairies suppliers are set to receive a base price of 35.40c/l ex-VAT for June’s milk, as well as a 0.48c/l ex-VAT sustainability incentive payment.

The co-op will also pay a market support payment of 0.57c/l ex-VAT on all milk supplied from January to June, adjusted for milk constituents.

“This support reflects Lakeland Dairies’ ongoing commitment to its suppliers during a period where unprecedented global milk volumes and continued market volatility placed pressure on farm gate returns,” the co-op stated.

Slowdown in production

“Global dairy markets remain relatively unchanged since last month. Supply remains strong, but, positively, we are starting to see some early signs of a slowdown in milk production across the globe.

“Lakeland Dairies will continue to monitor the markets and will endeavour to support our farmers with the best milk price possible in line with market conditions.”

The co-op will pay a base price of 30.1p/l to suppliers in Northern Ireland for milk supplied in June, which includes a sustainability incentive payment. A market support of 0.5p/l will also be paid to these suppliers.