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Lakeland Dairies was the first milk processor in NI to set a milk price for May with Tuesday’s announcement to hold at a base of 26.5p/l.
While the price remains unchanged, the co-op has merged its April base price of 25p/l with the 1.5p/l support payment paid to suppliers on all milk delivered during April.
The end result is a stable milk price which will be welcomed by suppliers during the month of peak milk production in NI.
The latest milk price brings Lakeland on to an average base price of 27.4p/l for the first five months of 2018.
At the time of going to press, the only other processor to set a price for May is Glanbia Milk, which has also held at a base of 26.5p/l.
Others are expected to announce their milk prices for May later this week, with the exception of LacPatrick which will set a price after Tuesday’s board meeting.
MPI
Meanwhile, the latest milk price indicator published by the Ulster Farmers’ Union (UFU) has increased to 29p/l, on the back of improving market demand for commodities at recent Dutch Dairy Board auctions.
Dairy analysts in Britain have also forecast higher milk prices over the next three months.
ADHB indicates that UK butter prices rose by 11% to £5,180/t during May with cream prices up by 13% to £2,350/t.
Spot prices for milk in Britain are currently 25p/l but demand is weak with processors at peak supply.
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