Lakeland Dairies increases milk price for January

Suppliers in Northern Ireland will receive a base price of 25.25p/litre. This represents a 0.25p/l increase in the base price.

In the Republic of Ireland, a price of 31.81c/l (including VAT and Lactose bonus) has been agreed for milk supplied January.

Commenting on the price, the Co-op said: “While European and US milk production has returned to growth in recent months, the global dairy market fundamentals are reasonable with supply and demand pretty well balanced. However, there is a growing concern in the market on the back of the spreading of Coronavirus.

“Over the past month, sentiment in China has become weaker as authorities there move to get a handle on the virus. This has resulted in a slowing of consumer sentiment and distribution channels.

“Lakeland Dairies will continue to monitor the market situation closely over the coming weeks.”