Lakeland announces increased February milk price and bonus

Lakeland Dairies has become the first processor to reveal its milk price for February, announcing an increased price for last month alongside a bonus payment.

The cooperative revealed its price today (Thursday, March 11).

In the Republic of Ireland, a base price of 33.34c/L including VAT/lactose will be paid for milk supplied in February. This is an increase of 1c/L on January. The normal out of season bonus of 5c/L applies for February.

A special unconditional Lakeland bonus of 1c/L plus VAT will also be paid on all February milk – and this was also paid for January, December and November milk.

In Northern Ireland, a base price of 27.25p/L will be paid for February milk. This is an increase of 0.7p/L on January. In addition, a special unconditional Lakeland Bonus of 1p/L will also be paid for all February milk.

In a statement, Lakeland Dairies said: “As the European peak season is commencing, there is currently strength in the global market with the dynamic between the supply of milk being produced and the demand for dairy products from customers largely in balance at present.

Covid-19 continues to influence buyer sentiment as the potential reopening of economies across the world remains under consideration.

“Lakeland Dairies will continue to monitor the market closely in the coming weeks.”