Lakeland Dairies has announced that a base milk price of 35.4c/l, excluding VAT, will be paid for December's milk at 3.6% fat

and 3.3% protein.

This is a rise of 1.1c/l, excluding VAT, for milk supplied last month and follows a 1.9c/l rise on the previous month.

Qualifying farmers will also receive a 4.76c/l out-of-season top-up payment, excluding VAT.

This is a rise of 1.91c/l compared with what suppliers received in November.

In Northern Ireland, an increased base price of 30.5p/l will be paid for milk supplied in December. The base price has increased by 1p/l plus the usual out-of-season payment of 3p/l.

'Favourable' markets

In a statement, the co-op said: "As we face into 2024, the global dairy markets are more favourable, but remain delicately poised.

"While there are some positive market indicators, particularly around milk supplies in key production regions, demand uncertainty remains. Lakeland Dairies will continue to monitor the markets closely in the time ahead."