Lakeland Dairies has set a price for January milk increasing the base price.
In the Republic of Ireland, a base price of 31.81c/litre (including VAT and Lactose bonus) will be paid for milk supplied in January
The base price has been increased by 0.5c/l. Qualifying farmers will also receive the usual Out-Of-Season payment.
In Northern Ireland, a base price of 25.25p/l will be paid for January supplies. The base price has been increased 0.25p/l.
Commenting on the price, the Co-op said while European and US milk production has returned to growth in recent months, the global dairy market fundamentals are reasonable with supply and demand pretty well balanced.
"However, there is a growing concern in the market on the back of the Coronavirus.
“Over the past month, sentiment in China has become weaker as authorities there move to get a handle on the virus. This has resulted in a slowing of consumer sentiment and distribution channels.
“Lakeland Dairies will continue to monitor the market situation closely over the coming weeks.”