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