Lakeland has become the latest processor to reveal its milk price for October supplies - revealing a held base price but a lactose bonus will provide a boost.

Following a meeting of the board earlier today (Thursday, November 12), the cooperative announced its price.

In the Republic of Ireland, a base price of 32c/L including VAT will be paid for milk supplied in October. A lactose bonus of 0.28c/L also applies this month. Meanwhile, in Northern Ireland, a base price of 26.55p/L will be paid for October milk.

Commenting, a spokesperson for Lakeland Dairies said:

"There is currently a delicate balance between supply and demand in global markets with European production now at a seasonal low while production in New Zealand and Australia approaches its spring peak, and US milk production continues to be subsidised yielding higher volumes than last year into world markets.

"As many countries have reintroduced Covid-19 restrictions, foodservice markets have again been challenged, following from a moderate improvement to date.

Markets for butters and powders have come under some pressure over the past month with buyers exhibiting caution in their forward commitments, largely due to weaker consumer sentiment on foot of the global pandemic crisis.

"With Brexit close at hand, it is important that there should be agreement of a trade deal between the UK and EU to provide ongoing stability and certainty for the entire dairy industry across the Republic of Ireland, Northern Ireland and Great Britain.

"Lakeland Dairies will continue to monitor market conditions on an ongoing basis," the co-op representative concluded.