Lakeland Dairies will pay 32.06 cent per litre, inclusive of VAT and lactose bonus, for November milk supplies. This is a one cent per litre reduction on the October milk price.
The co-op will also pay an extra 3 cents per litre Voluntary November Bonus to qualifying suppliers, based on peak to trough supply ratios.
Lakeland Dairies notes that global cream and butter markets have become decidedly weaker in recent months.
Butter prices have fallen by over €1,000 per tonne since September.
Year to date, milk supplies have generally been strong and were up by 20% in November compared to the same time a year ago.
Lakeland Dairies said it will continue at all times to pay the highest possible milk price in line with market conditions.