Lakeland dairies increases milk price for July

The Board of Lakeland Dairies has decided the co-operative’s milk price for July.

In Northern Ireland, Lakeland Dairies has increased its milk price by 2.0 p/litre to 46 p/litre.

On average, Lakeland Dairies will pay out 47.42 pence/litre for July milk in Northern Ireland including adjustments for constituents and quality, and volume bonuses and zero cartage charges.

In Northern Ireland, all fixed milk price contracts will receive a 7 p/litre supplementary payment.

In the Republic of Ireland, Lakeland Dairies has increased its milk price by 2.25 cent/litre to pay 57.35 cent/litre inclusive of VAT, for milk at 3.6% fat and 3.3% protein.

On average, the Lakeland Dairies pay out in ROI will be 60.6 cent/litre for July milk.

In ROI, all fixed milk price contracts will receive an 8 c/litre supplementary payment.

The ongoing buoyancy in dairy markets is starting to level off with auction prices well down from recent highs and a cooling off in demand for higher priced product categories.

Global economic conditions including severe inflation, high input costs at farm and processing levels and rising interest rates, aligned with seasonality and weather events, will continue to affect the international balance of supply and demand. Consumer sentiment is being affected by generally increasing costs across all kinds of goods and services including food and energy.

Lakeland Dairies continues to monitor market developments.