Following a board meeting, Lakeland Dairies has announced a price of 32.5c/l ex VAT at 3.3% protein and 3.6% fat for March milk supplies.
March milk cheques will contain what Lakeland calls a ‘special unconditional bonus’ of 1c/l that was also paid out in January and February. This means all suppliers will receive it with no conditions attached.
In Northern Ireland, a base price of 28p/litre will be paid for March milk. This is an increase of 0.75p/litre on February. In addition, a special unconditional Lakeland Bonus of 1p/l will also be paid for all March milk.
The Ornua purchasing price index (PPI) is up to 112.6 for March after a relatively steady three months prior to that. This converts into a farmgate equivalent of 34c/l ex VAT at base solids when the Ornua premium is included. This price can be compared to announced milk prices.
A spokesperson for Lakeland Dairies commented: "Global milk supply and demand trends are delicately balanced as we enter the peak milk production season in Ireland and Europe. In the main, commodity prices have settled with general stability in the market.
"Outcomes for the rest of the year will depend considerably on the success of ongoing vaccination programmes and the reopening of economies around the world, combined with milk supply remaining in line with projections and continuing stable demand for dairy products.
"Lakeland Dairies will continue to monitor the market closely in the coming weeks."