Lakeland Dairies has become the first processor to set its September 2022 milk price.
The board of Lakeland Dairies has, today (Thursday, October 13th), announced that it has decided the co-operative’s milk price for September.
In the Republic of Ireland, Lakeland Dairies has maintained the price of 58.85c/L, inclusive of VAT, for milk at 3.6% fat and 3.3% protein.
This includes a supplementary input support payment of 1.5 cent/litre, inclusive of VAT, introduced in August.
It recognises the rising costs of all farm inputs and payable for all suppliers, including fixed milk price contracts.
According to a statement, on average, the Lakeland Dairies payout in ROI will be 67.45 cent/litre for September milk.
In ROI, all fixed milk price contracts will receive an 8 c/litre supplementary payment, plus the additional 1.5 c/litre input support payment.
Moreover, in Northern Ireland, Lakeland Dairies has maintained the price of 47.5 p/litre. This includes an input support payment of 1.5 p/litre.
On average, Lakeland Dairies will pay out 49.51 pence/litre for September milk in Northern Ireland, including adjustments for constituents and quality, volume bonuses and zero cartage charges.
In Northern Ireland, all fixed milk price contracts will receive a 7 p/litre supplementary payment, plus the additional 1.5 p/litre Input Support Payment.
The spokesperson continued: “Global dairy markets continue to reflect ongoing economic volatility, including inflation and concerns relating to energy pricing and the overall cost of living. Asian market demand has also softened further.”
“Consumer sentiment is generally less assured than heretofore, trending towards reduced demand for higher priced product categories and consequent ongoing effects on market prices.”
Lakeland Dairies stated that it would “continue” to monitor market developments.
August milk price
Lakeland Dairies was also the first processor to announce its milk price for August 2022.
In the Republic of Ireland, it raised its milk price by 1.5c/L to pay 58.85c/L inclusive of VAT, for milk at 3.6% fat and 3.3% protein.
This, it said, reflects a new Input Support Payment of 1.5c/L, inclusive of VAT. On average, the Lakeland Dairies payout in ROI was 63.6c/L for August milk.
In ROI, all fixed milk price contracts received an 8c/L supplementary payment, plus the additional 1.5 c/L Input Support Payment.
Read more in this eptemb.