Lakeland Dairies increases milk price for March

Lakeland Dairies said that global milk supply and demand trends are "delicately balanced" entering the peak milk production season in Ireland and Europe.

Lakeland Dairies has announced the co-operative’s milk price for March.

In the Republic of Ireland, a base price of 34.34c/litre (including VAT / Lactose) will be paid for milk supplied in March.

This is an increase of 1c/litre on February. A special unconditional Lakeland Bonus of 1 cent per litre (plus VAT) will also be paid on all March milk .

In Northern Ireland, a base price of 28p/litre will be paid for March milk. This is an increase of 0.75p/litre on February.

In addition, a special unconditional Lakeland Bonus of 1p/litre will also be paid for all March milk.

Lakeland Dairies said that global milk supply and demand trends are "delicately balanced" entering the peak milk production season in Ireland and Europe.

"In the main, commodity prices have settled with general stability in the market. Outcomes for the rest of the year will depend considerably on the success of ongoing vaccination programmes and the reopening of economies around the world, combined with milk supply remaining in line with projections and continuing stable demand for dairy products. Lakeland Dairies will continue to monitor the market closely in the coming weeks."