Lakeland Dairies has rolled out a further cut in its milk price, announcing that it will pay farmers 35.40c/l excluding VAT for their May milk supplies.
The Lakelands price will be paid for May milk at 3.6% fat and 3.3% protein and represents a cut of almost 1.5c/l on the price farmers received for their April supplies.
The board of Lakeland Dairies said its May milk price is “reflecting present market conditions”.
“The rate of growth in global milk supply is slowing, but it still exceeds demand. With economic volatility still a factor, there is generally weaker consumer sentiment in markets across the world.
“Dairy buyers continue to be reserved in their current and forward-looking buying patterns.
"Lakeland Dairies reiterates its commitment to paying the highest possible milk price, in line with market conditions, and continues to monitor market developments closely,” a spokesperson for the dairy processor said.
In Northern Ireland, Lakeland Dairies has held the base price of milk for May at 30p/l.
The Lakelands board has also discontinued the monthly input support payment (previously 1.5c/l or 1.5p/l) which was provided to farmers from August 2022 onwards.