Kerry has announced it will cut its April milk price by 1c/L (VAT inclusive) and pay its supplieres 29.5c/L.
Its base price for March milk supplies was 30.5c/L.
According to Kerry based on average April milk solids, the price return inclusive of VAT and bonuses is 31.76c/L.
The drop in price is similar to those announced by Lakeland and Glanbia who both announced a drop of 1c/L earlier this week.
It comes after Glanbia and Lakeland Dairies announced 1c/L cuts to their April milk prices.
Lakeland will pay In the Republic of Ireland, a base price of 29c/L (inc VAT) will be paid for milk supplied in April. This represents a reduction of 1c/l on the March milk price paid with the cessation of the Lakeland Dairies Lactose Bonus.
In Northern Ireland, a base price of 23p/l will be paid for April milk. This is a reduction of 0.75p/l on the March price.
Glanbia cut its milk price for the second month in a row, cutting 1c/L off its price for April milk supplies.
It announced this week that it will its member milk suppliers 28.42c/L (inc VAT) for April creamery milk supplies at 3.6% butterfat and 3.3% protein.
Glanbia Ireland (GI) will pay a base milk price for April of 28c/L (inc VAT) for creamery milk at 3.6% fat and 3.3% protein. This is a reduction of 1c/L from the March base price. Last month it announced a 2c/L cut for March supplies.
Most processors cut milk prices by 2c/L for March deliveries on the back of a sharp slide in commodity values when food sector demand across Europe, Asia and North America collapsed as a result of the Covid-19 lockdowns.
And while European dairy markets have settled over the past fortnight, and demand from China has improved, industry sources claimed that farm-gate milk prices were still 2-3c/L above what the returns from the markets could currently justify.
Processors also pointed to the high levels of product they were being forced to hold because of the fall-off in demand.