Lakeland Dairies has become the first processor to announce its milk price for August 2022.
A spokesperson announced earlier this afternoon (Tuesday, September 13th, 2022) that the board of Lakeland Dairies has decided the co-operative’s milk price for August.
It has implemented a supplementary payment for all suppliers, including suppliers on fixed milk price contracts.
In the Republic of Ireland, it has 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 says, reflects a new Input Support Payment of 1.5c/L, inclusive of VAT.
On average, the Lakeland Dairies payout in ROI will be 63.6c/L for August milk.
In ROI, all fixed milk price contracts will receive an 8c/L supplementary payment, plus the additional 1.5 c/L Input Support Payment.
Meanwhile, in Northern Ireland, Lakeland Dairies has raised its milk price by 1.5p/L to 47.5p/L.
This, the spokesperson says, reflects a new Input Support Payment of 1.5p/L.
On average, Lakeland Dairies will pay out 48.98p/L for August milk in Northern Ireland, including adjustments for constituents and quality, and volume bonuses and zero cartage charges.
In Northern Ireland, all fixed milk price contracts will receive a 7p/L supplementary payment, plus the additional 1.5p/L Input Support Payment.
A spokesperson for the co-op said:
“Global dairy markets are finely balanced at present as the rate of milk supply levels off, and inflationary pressures continue to drive a cooling off in demand for higher priced product categories.”
“Geopolitical and economic issues continue to affect market and consumer sentiment alongside the potential impacts of an energy crisis in Europe.”
The spokesperson confirmed that Lakeland Dairies will continue to monitor market developments.
July 2022 milk price
Meanwhile, Lakeland Dairies became the first co-op to set its July 2022 milk price.
In the ROI, the spokesperson outlined, Lakeland Dairies increased its milk price by 2.25 cent/litre to pay 57.35 cent/litre inclusive of VAT for milk at 3.6% fat and 3.3% protein.
According to the processor, on average, the Lakeland Dairies payout in ROI was 60.6 cent/litre for July milk.
In ROI, all fixed milk price contracts received an 8 c/litre supplementary payment.
Read more in this news article.