Lakeland Dairies has held its base milk price for June at 34.15c/l, excluding VAT, for milk at 3.6% fat and 3.3% protein in the Republic of Ireland.

In Northern Ireland, it held its milk price for June at 29.2p/l.

Global markets are at present demonstrating a reasonable balance of supply and demand, a spokesperson for Lakeland said.

Global supply

“European milk supplies, which have been constrained by colder than average temperatures in recent months, are now increasing gradually in line with weather improvements across the continent.

“Worldwide, milk supply is also increasing at a strong pace with the main dairy producing countries exporting higher volumes."

Food service markets continue a gradual recovery

“While global dairy prices remain stable for now, concerns continue in relation to the ongoing pandemic crisis worldwide, the variable global pace of vaccinations and the potential for new variants to disrupt consumer and economic activity.

“Food service markets continue a gradual recovery, however, this is coming from a significantly lower base in view of the ongoing impacts of the pandemic,” the spokesperson said.

Lakeland Dairies will continue to monitor the market closely in the coming weeks.