The respective boards of Lakeland and Glanbia met on Wednesday, with both holding the October price for November.

Lakeland will pay its suppliers in the Republic of Ireland a price of 34.53c/litre, excluding VAT.

The price is unchanged for Lakeland’s Northern Ireland suppliers, which is 30p/l plus a 3p/l winter bonus. The Lakeland price includes a 1c/l and 1p/l butter bonus.

Glanbia will pay its suppliers 33.11c/l excluding VAT.

PPI drops

Meanwhile, the Ornua Purchase Price Index (PPI) for November is 115, down from 116.4 in October.

Ornua says it reflects falling butter returns and lower prices for SMP and whey, “partially offset by higher cheddar prices”.

A PPI of 115 is equivalent to a farmgate price of 33.11c/l.

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