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Ireland 11.01.2024

Lakeland Dairies Boosts December Milk Price Amidst Positive Global Dairy Market Trends

Source: The DairyNews
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Lakeland Dairies, on Wednesday, January 10, announced a 1.15c/L increase in its milk price for December supplies. The processor's board has finalized the pricing for all December milk supplies, setting a base price of 37.15c/L (at 3.6% butterfat and 3.3% protein) for the Republic of Ireland. This marks a 1.15c/L increment, and qualifying farmers will additionally receive a 5c/L out-of-season payment.
Lakeland Dairies Boosts December Milk Price Amidst Positive Global Dairy Market Trends
In Northern Ireland, the base price for December milk supply will be 30.25p/L, reflecting a 1p/L increase and the customary out-of-season payment of 3p/L.

Looking ahead to 2024, Lakeland Dairies acknowledges the more favorable global dairy markets but emphasizes the delicate balance due to lingering demand uncertainty. Positive indicators in key production regions are noted, but the processor commits to vigilant market monitoring in the coming months.

Meanwhile, the Global Dairy Trade (GDT) price index experienced a 1.2% increase at the first trading event in 2024, reaching 1,038 after a third consecutive rise. Whole milk powder (WMP) led the surge with a 2.5% increase, reaching $3,290/MT. Prices for butter and anhydrous milk fat also saw upward movement.

However, lactose recorded the most significant decline, falling by 5.0% to $753/MT. Butter milk powder, cheddar, and skim milk powder (SMP) prices also experienced decreases. The GDT's positive trajectory reflects ongoing market dynamics, setting the tone for the dairy industry in the early months of 2024.
Becky Smith
Becky Smith
Analyst (Livestock) AHDB
China is an important buyer on the world dairy markets, with a strong influence on global demand that plays into price dynamics. Imports of dairy products to China continued to decline in 2023, driven by increased domestic production and weaker consumer demand.
Keith Woodford
Keith Woodford
principal consultant at Agri food Systems Ltd.
Synlait is in big trouble with losses mounting up and no easy answers, says Keith Woodford. For much of the past 20 years, Synlait was an entrepreneurial player in the New Zealand dairy industry, with a strong focus on growth. For a long time, it seemed to be doing everything right.