Lakeland Dairies has set October’s base milk price at 32.4c/l excluding VAT, with this price remaining unchanged for that paid for September’s deliveries at 3.6% fat and 3.3% protein.

The processor’s suppliers in Northern Ireland will receive a base price of just under 26p/l excluding VAT for October supplies.

Prices were held by the co-op for September’s supplies after a 1.5c/l drop for August’s milk.

The co-op noted that the sentiment of global dairy markets have shown “signs of positivity over the past number of weeks”.

'Sluggish global economic performance metrics'

“This is happening against the backdrop of geopolitical challenges and sluggish global economic performance metrics, which is keeping activity among buyers subdued, particularly in their forward commitments.

“There is also a delicate balance between supply and demand in global dairy markets, with production in New Zealand approaching its peak, while we enter the traditionally strong dairy demand period,” Lakeland Dairies said.

The processor stated that it will continue to monitor dairy markets closely in the time ahead.

Lakeland Dairies has been the first co-op to announce a milk price for October.

Lakeland Dairies launches fixed milk price of up to 39c/l

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Milk price cuts halted for September

Lakeland holds October price at 32.4c/l

The processor has held its price since August, when prices were dropped by 1.5c/l.