The board of Lakeland Dairies has agreed to hold its base price for February milk.

The processor will pay a base milk price of 31.81c/l, excluding VAT, which is inclusive of a sustainability incentive payment of 0.48c/l excluding VAT.

To support farmers during the current market challenges, the co-op has announced that it will continue to pay a 2c/l input support.

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Additionally, Republic of Ireland farmers will receive the normal 2c/l early calving bonus, bringing the minimum base price to 35.64c/l, excluding VAT. The co-op will additionally pay 5c/l on all qualifying litres for the out of season bonus.

Northern Ireland

In Northern Ireland (NI), the processor will pay a base price of 26.3p/l for milk supplied in February, which also includes the sustainability incentive payment. This is the same price that was paid in January.

Additionally, an input support of 1.75p/l will be paid to farmers and they will also receive an out-of-season payment of 3p/l. This will bring the minimum base price for milk in NI to 31.05p/l.

A spokesperson for Lakeland Dairies has stated: “Dairy markets continue to show signs of recovery, despite global milk flows remaining strong. The latest geopolitical conflict will impact both supply and demand. The extent of this will become clear in the coming weeks and months.

“Lakeland Dairies will continue to monitor the markets and will endeavour to support our farmers with the best milk price possible in line with market conditions.”