Lakeland Dairies Reduces Milk Base Price for February
Source: dairynews.today
Lakeland Dairies has announced a reduction in the base milk price for February supplies, accompanied by bonuses for certain suppliers.
Lakeland Dairies announced a new base milk price for February, set at 48.75c/L for milk with 3.6% butterfat and 3.3% protein. This price includes a 0.5c/L Sustainability Incentive Payment and marks a 1c/L decrease from January.
Additionally, Republic of Ireland suppliers will receive a 2c/L early calving bonus, and qualifying farmers get a 5c/L out-of-season payment. In Northern Ireland, the price has been adjusted to 39.8p/L, also decreased by 1p/L, with an additional 3p/L out-of-season bonus. These adjustments come amid subdued global dairy market demand.
"Market prices are tracking marginally behind the farmgate price hence the requirement for a price correction for February milk," stated Lakeland. Looking into 2024, milk values grew 16% to €4.1 billion due to price increases, notably resulting in a significant rise in the agricultural surplus.
Additionally, Republic of Ireland suppliers will receive a 2c/L early calving bonus, and qualifying farmers get a 5c/L out-of-season payment. In Northern Ireland, the price has been adjusted to 39.8p/L, also decreased by 1p/L, with an additional 3p/L out-of-season bonus. These adjustments come amid subdued global dairy market demand.
"Market prices are tracking marginally behind the farmgate price hence the requirement for a price correction for February milk," stated Lakeland. Looking into 2024, milk values grew 16% to €4.1 billion due to price increases, notably resulting in a significant rise in the agricultural surplus.
