Lakeland Dairies has become the first processor to announce its milk price for February supplies.
Following a meeting of the board today, Wednesday, March 11, the cooperative has decided to hold its base price for last month’s milk.
Lakeland suppliers will receive a February base price of 31.81c/L including VAT, plus the out-of-season payment for qualifying milk.
In Northern Ireland, a base price of 25.25p/L will be paid for February – again the base price has been held.
Commenting on the price, the co-op said:
“Overall, the global dairy markets continue to be extremely volatile with consumption as well as transport and logistical networks severely affected as a result of the Coronavirus fallout.
Returns for most products are under pressure too.
“Lakeland Dairies will continue to monitor the market situation closely over the coming weeks.”
‘Dairy farmers depend on it’
Milk processors and cooperatives have been urged to maximise returns for the farmers and their families that depend on them by the Irish Farmers’ Association (IFA).
In a statement yesterday, Tuesday, March 10, IFA National Dairy Committee chairman Tom Phelan said that, while the Irish public is living through an exceptional public health crisis, the farming community depends on processors to maximise returns.
Phelan issued a reminder to co-op boards, who will be meeting in coming days to consider milk prices.
He highlighted that dairy market returns continued positive in February, with the Ornua Purchase Price Index (PPI) returning at least 1.5c/L more than co-ops have been paying for January milk.
Following Lakeland’s announcement, other processors are expected to announce their February prices this week.
