Lakeland Dairies has become the first processor to announce its August 2023 milk price.
On Tuesday evening (September 12th, 2023), a spokesperson for Lakeland Dairies, in a statement to www.thatsfarming.com, confirmed that the board has decided on a price for milk supplied in August, which “represents market conditions”.
The processor will pay a price of 34c/litre (3.6% butterfat and 3.3% protein) for August milk in the Republic of Ireland.
This represents a reduction of 1.5c/l on the July price, with an average payout for August milk of 38c/l.
Meanwhile, in Northern Ireland, it will pay a base price of 27.25p/litre for milk supplied in August.
This represents a reduction of 1.25p/l on the July price and the average payout is 29.5p/l for August.
August 2023 milk price
The spokesperson outlined that “the global dairy market remains under pressure with resilient supplies being met by continued weak demand”.
“Sentiment and activity among buyers remain subdued which is being heightened by weakening economies in parts of the world.”
“Lakeland Dairies continues to closely monitor the markets in order to return the best price possible,” the spokesperson added.
When announcing July’s milk price, the processor reported that “global demand for dairy products remains sluggish”.
“This weak demand is being met by resilient milk supplies in many of the larger production areas, resulting in a continued imbalance between supply and demand.”
“Subdued sentiment from international buyers is being heightened by an economic slowdown in many parts of the world, particularly China and Asia.”
“Lakeland Dairies continues to closely monitor the markets to return the best possible milk price for our 3,200 farm families,” the spokesperson added.
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