Lakeland holds base price for May milk

However, the processor has also confirmed the discontinuation of the monthly input support payment of 1.5c per litre.

A Lakeland spokesperson said that the rate of growth in global milk supply is slowing, but it still exceeds demand. 

Lakeland Dairies has confirmed its price for May milk supplies.

In the Republic of Ireland, Lakeland has held the base price at 37.35c per litre, inclusive of Vat, for milk at 3.6% fat and 3.3% protein.

In Northern Ireland, Lakeland has held the base price at 30p per litre.

The board has also announced that it has discontinued the monthly input support payment, which was paid to farmers at 1.5c per litre and 1.5p per litre. 

This support payment was first established in August 2022. 

A Lakeland spokesperson said that the rate of growth in global milk supply is slowing, but it still exceeds demand. 

"With economic volatility still a factor, there is generally weaker consumer sentiment in markets across the world. Dairy buyers continue to be reserved in their current and forward-looking buying patterns," the spokesperson said. 

Lakeland said it remains committed to paying the "highest possible milk price, in line with market conditions, and continues to monitor market developments closely".

Suppliers have seen a significant cut to milk prices this year of around 20c per litre. This follows the historic highs of 2022, which saw prices increase by nearly 50%. 

Lakeland is the first processor to confirm its price for May supplies, with more announcements to follow in the coming days.