Lakelands hold milk price for June

The Board of Lakeland Dairies has cited balanced global market conditions as a factor in deciding to hold their milk price for June.

In the Republic of Ireland, Lakeland Dairies has held its base milk price for June at 36 cpl, including VAT, for milk at 3.6% fat and 3.3% protein.

In Northern Ireland, Lakeland Dairies has held its milk price for June at 29.2p/litre.

"Global markets are at present demonstrating a reasonable balance of supply and demand," said the dairy co-op's spokesman.

"European milk supplies, which have been constrained by colder than average temperatures in recent months, are now increasing gradually in line with weather improvements across the continent.

Worldwide milk supply is also increasing at a strong pace with the main dairy producing countries exporting higher volumes.

"While global dairy prices remain stable for now, concerns continue in relation to the ongoing pandemic crisis worldwide, the variable global pace of vaccinations and the potential for new variants to disrupt consumer and economic activity. Foodservice markets continue a gradual recovery however this is coming from a significantly lower base in view of the ongoing impacts of the pandemic."