Lakeland Dairies has become the latest processor to reveal its milk price for March, announcing an increase.

In the Republic of Ireland, a base price of 34.34c/L including VAT and lactose will be paid for milk supplied in March.

This is an increase of 1c/L on February.  A special unconditional Lakeland Bonus of 1c/L plus VAT will also be paid on all March milk .

In Northern Ireland, a base price of 28p/L will be paid for March milk. This is an increase of 0.75p/L on February.

In addition, a special unconditional Lakeland Bonus of 1p/L will also be paid for all March milk.

A spokesperson for Lakeland Dairies commented, stating:

"Global milk supply and demand trends are delicately balanced as we enter the peak milk production season in Ireland and Europe. In the main, commodity prices have settled with general stability in the market.

"Outcomes for the rest of the year will depend considerably on the success of ongoing vaccination programmes and the reopening of economies around the world, combined with milk supply remaining in line with projections and continuing stable demand for dairy products.

"Lakeland Dairies will continue to monitor the market closely in the coming weeks," the spokesperson concluded.

Lakeland is the second milk processor to reveal its milk price, following on from an announcement from Glanbia yesterday (Monday, April 12).