Lakeland Dairies drops August milk price
The Lakeland Dairies Board has agreed the price for milk for August.
In Northern Ireland (NI), a price of 38.3p/litre will be paid for milk supplied in August which is also inclusive of the Sustainability Incentive Payment. This is a reduction of 1 ppl on the price paid in July.
A price of 47.25c/l (3.6% butterfat and 3.3% protein) will be paid for August milk in the Republic of Ireland (ROI) which is inclusive of the 0.5c/l Sustainability Incentive Payment. This is a reduction of 1 cpl on the price paid in July.
A Lakeland spokesperson said prices are facing downward pressure, driven by very strong milk supply in all markets and a weakening in consumer demand, caused by inflation and lower spending power. Trade and market confidence are also being affected by geopolitical tensions.
Lakeland Dairies says it will continue to monitor the markets and will endeavour to support its farmers with the best milk price possible in line with market conditions.