Lakeland Dairies has reduced its base price for milk supplied in February by 0.95c/l, excluding VAT.

A new base price of 46.38c/l, excluding VAT, is being paid for February milk supplied at 3.6% butterfat and 3.3% protein.

This price is inclusive of the co-op's 0.48c/l, excluding VAT, sustainability incentive payment.

However, all suppliers automatically receive a 1.9c/l, excluding VAT, early calving bonus, meaning the price all suppliers receive for February milk is 48.28c/l, excluding VAT.

Meanwhile, qualifying farmers will also receive a 4.7c/l, excluding VAT, out-of-season payment.

Northern Ireland

In Northern Ireland (NI), a base price of 39.8p/l will be paid for milk supplied in February, which is inclusive of the 0.5p/l sustainability incentive payment.

The base price has been reduced by 1p/l from last month. The 3p/l out-of-season payment will be made on top of the base price.

A spokesperson for Lakeland Dairies has said that global dairy market demand has been more subdued in recent weeks after a period of general stability.

"Market prices are tracking marginally behind the farmgate price, hence the requirement for a price correction for February milk. Lakeland Dairies will continue to monitor the markets and will endeavour to support our farmers as best we can."