Lakeland Dairies cuts milk price by 1c/L
Lakelands Dairies is the latest milk processor to reduce its milk price.
The Cavan-based processor has reduced its base milk price for February milk by 1 cent per litre.
This brings the effective milk price for February to 34.56 cent per litre including VAT and lactose bonus.
The reduction in the base milk price reflects extremely challenging market conditions including lower returns for powders and butter in recent months.
Lakeland Dairies are very much aware of the difficult conditions faced by milk producers during the past month and the supported February milk price is designed to acknowledge these difficulties as best as possible in line with overall difficult market conditions.
This follows recent announcements by Glanbia Ireland and Kerry Group that they are reducing their milk price for February.
Glanbia Ireland was first out of the blocks to cut the milk price for February yesterday, amid warnings of an oversupply in the marketplace.
The Kilkenny-based processor moved to cut its price by 3c/l from January levels. It will pay milk suppliers 32c/l including VAT for February at 3.6pc butterfat and 3.3pc protein.