Lakeland Dairies has become the latest processor to announce its milk price for October supplies, revealing a slight increase in the figure paid to farmers for milk price and lactose bonus for last month's milk.
Following a board meeting earlier yesterday, Wednesday, November 13, the cooperative has decided to increase its milk price from 30.03c/L including VAT up to 30.31c/L including VAT and lactose bonus for October.
In Northern Ireland, a price of 24.50p/L will be paid for October supplies.
Commenting on the price, a spokesperson for the co-op said:
There has been some welcome stability in the global dairy markets in recent weeks. This stability comes after months of price falls for products, especially butter. There continues to be significant uncertainty for butter.
“Steady demand and easing in milk production in the main dairy production markets are contributing to the price stability.
"However, uncertainties such as a lack of clarity on Brexit and ongoing global trade disputes need to be considered in the longer term.
“Lakeland Dairies will continue to monitor the market situation closely over the coming weeks,” the spokesperson concluded.
Meanwhile, on Tuesday, November 12, Glanbia announced its decision to hold its milk price; the processor will pay its member milk suppliers 29c/L including VAT for October manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
Glanbia Ireland (GI) will pay a base milk price for October of 28c/L including VAT, for manufacturing milk at 3.6% fat and 3.3% protein. This is unchanged from the September base price.
The board of Glanbia Co-op will continue to make a support payment to members of 1c/L including VAT for October milk supplies.
The Glanbia Ireland base price and the Glanbia Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers, the processor said.
The processor’s chairman Martin Keane said: “There has been a welcome improvement in the price of dairy proteins on global markets, while cheese is stable and the European butter market remains fragile."