Lakeland Dairies Announces Increased Milk Price for August Supplies
Source: DairyNews.today
Lakeland Dairies has announced a price increase for August milk supplies, reflecting the cooperative’s commitment to supporting its suppliers amid positive global dairy market conditions. The board has decided to raise the price to 46.5c/L for milk at standard constituents of 3.6% butterfat and 3.3% protein, which includes a 0.5c/L Sustainability Incentive Payment. This represents an increase of 1.25c/L from July’s price of 45.25c/L.
In Northern Ireland, Lakeland Dairies will pay a base price of 38.3p/L for August milk supplies, inclusive of a 0.05p/L Sustainability Incentive Payment, marking an increase of 1p/L from the previous month’s base price.
Lakeland Dairies commented on the price adjustment, citing positive trends in global dairy markets. The company is optimistic about demand as the industry approaches the critical periods of the fourth quarter of 2024 and the first quarter of 2025. Global milk supplies have been relatively muted, providing additional support for market prices.
“Lakeland Dairies will continue to monitor the markets and will endeavour to support our farmers as best we can,” the processor stated.
Meeting with Enterprise Minister Highlights Dairy Industry Priorities
The announcement of the price increase follows a meeting between Lakeland Dairies executives and Minister for Enterprise, Trade and Employment, Peter Burke. The meeting, held on the farm of Matt and Anne Kennedy in Castlepollard, Co. Westmeath, focused on the importance of the dairy and agriculture sectors to the local economy and the necessity of continued government support.
Colin Kelly, Lakeland Dairies’ Group Chief Executive, and Rory Farrell, the co-op’s Group Head of Sustainability, outlined several key issues of concern for the cooperative’s farm families, including the retention of the nitrates derogation, meeting climate targets, and trade-related challenges. The executives also emphasized the proactive measures being taken by farmers to improve water quality.
The discussions underscored the essential role of government support in sustaining the dairy sector’s contributions to the economy, especially in light of ongoing environmental and regulatory challenges.
As Lakeland Dairies continues to navigate these complex dynamics, the cooperative remains focused on delivering value to its suppliers and adapting to the evolving market and regulatory landscape.
Lakeland Dairies commented on the price adjustment, citing positive trends in global dairy markets. The company is optimistic about demand as the industry approaches the critical periods of the fourth quarter of 2024 and the first quarter of 2025. Global milk supplies have been relatively muted, providing additional support for market prices.
“Lakeland Dairies will continue to monitor the markets and will endeavour to support our farmers as best we can,” the processor stated.
Meeting with Enterprise Minister Highlights Dairy Industry Priorities
The announcement of the price increase follows a meeting between Lakeland Dairies executives and Minister for Enterprise, Trade and Employment, Peter Burke. The meeting, held on the farm of Matt and Anne Kennedy in Castlepollard, Co. Westmeath, focused on the importance of the dairy and agriculture sectors to the local economy and the necessity of continued government support.
Colin Kelly, Lakeland Dairies’ Group Chief Executive, and Rory Farrell, the co-op’s Group Head of Sustainability, outlined several key issues of concern for the cooperative’s farm families, including the retention of the nitrates derogation, meeting climate targets, and trade-related challenges. The executives also emphasized the proactive measures being taken by farmers to improve water quality.
The discussions underscored the essential role of government support in sustaining the dairy sector’s contributions to the economy, especially in light of ongoing environmental and regulatory challenges.
As Lakeland Dairies continues to navigate these complex dynamics, the cooperative remains focused on delivering value to its suppliers and adapting to the evolving market and regulatory landscape.
