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Lakeland holds milk price for October

A base price of 34c/litre will be paid for October milk in the Republic of Ireland.

Lakeland Dairies has held its milk price again for October supplies.

A base price of 34c/litre (3.6% butterfat and 3.3% protein) will be paid for October milk supplies in the Republic of Ireland. 

The base price is unchanged from the price paid in September and August.

In Northern Ireland, a base price of 27.25p/litre will be paid for milk supplied in October. 

Again, the base price has been held for October supplies.

Signs of positivity

Lakeland Dairies is the first processor to announce its price for October.

A spokesperson for Lakeland said that sentiment in the global dairy markets “has shown signs of positivity over the past number of weeks”. 

“This is happening against the backdrop of geopolitical challenges and sluggish global economic performance metrics which is keeping activity among buyers subdued, particularly in their forward commitments,” the spokesperson said.

“There is also a delicate balance between supply and demand in global dairy markets with production in New Zealand approaching its peak, while we enter the traditionally strong dairy demand period. 

“Lakeland Dairies will continue to monitor the markets closely in the time ahead.”

Fixed price scheme

Lakeland recently announced the rolling out of a new voluntary fixed milk price scheme.

The scheme will run from January to December 2024, and allow Lakeland suppliers to lock in either 5% or 10% of their milk volumes based on 2022 volumes.

In the Republic of Ireland, a price of 39.5c/litre (including Vat) is available for the months of April to September with a price of 40.5c/litre available for October to March.

This is at 3.3% protein and 3.6% butterfat.

In Northern Ireland, a price of 32.5p/litre is available for the period April to September with a price of 33.5p/litre available for October to March.

Kathleen O’Sullivan © Irish Examiner 2023