Lakeland Dairies sets milk price for August

Global dairy market remains under pressure.

The Lakeland Dairies Board has decided on a price for milk supplied in August which the co-op feels represents current market conditions.

A price of 34c/litre (3.6% butterfat and 3.3% protein) will be paid for August milk in the Republic of Ireland. This represents a reduction of 1.5c/l on the July price.

The average payout for August milk is 38c/l.

In Northern Ireland, a base price of 27.25p/litre will be paid for milk supplied in August. This represents a reduction of 1.25p/l on the July price. T

he average payout is 29.5p/l for August.

"The global dairy market remains under pressure with resilient supplies being met by continued weak demand," said a spokesperson for the co-op. "Sentiment and activity among buyers remain subdued which is being heighted by weakening economies in parts of the world. Lakeland Dairies continues to closely monitor the markets in order to return the best price possible."