The Lakeland Dairies Board has decided on a price for milk supplied in February with the base price increasing for all milk supplied.
A base price of 41.4c/L (3.6% butterfat and 3.3% protein) will be paid for February milk in the Republic of Ireland.
The base price has increased by 1.5c/L including the new 0.5c/L Sustainability Incentive Payment.
The 1c/L Input Support Payment paid on all January milk now forms part of the base price for February milk according to the processor.
All suppliers will automatically receive a 2c/L early calving bonus meaning the price all suppliers receive for February milk is 43.40c/L.
Meanwhile, qualifying farmers will also receive a 5c/L out-of-season payment.
Lakeland Dairies NI suppliers
In Northern Ireland, a base price of 34p/L will be paid for milk supplied in February. The base price has increased by 1.25p/L including the new 0.5p/L Sustainability Incentive Payment.
The 1p/L Input Support Payment paid on all January milk also now forms part of the base price for February milk, according to Lakeland Dairies.
The processor has stated: “Global dairy markets remain in a delicate position with the supply/demand dynamic tentatively poised.
“Buyers are continuing to adopt a cautious approach but demand remains reasonably solid driven by weaker production in Europe and New Zealand.
“As we approach the critical spring season in Europe, milk supply is expected to remain sluggish which should assist in providing stability to the market.
“Geopolitical tensions, supply chain disruptions and global economic headwinds remain a concern and will require careful management and monitoring.”
Lakeland Dairies management have said they will continue to closely monitor the markets in the coming weeks.
