Irish co-op Lakeland Dairies has cut its March milk price by 2.5c/L, but says that it will balance this with a payment to support its farmers, who have been hit by bad weather and a fodder crisis.
In a statement, Killeshandra-based co-op said: “Since late 2017, global market conditions have become very difficult – with a significant drop in the returns available across various product categories and most notably skim milk powders.
“This maintains the effective milk price payout for March at 34.56c/L including VAT and lactose bonus. Lakeland Dairies is continuing to support farmers to the maximum possible in line with market conditions.
“The co-operative is also continuing to provide fodder at cost to milk producers along with ongoing nutritional advice and assistance in this difficult period.”
Lakeland Dairies has operations on both sides of the border, has just announced strong results for 2017, with its operating profit more than doubling to €16.8m from €7.2m in 2016.
The price cut follows cut to the February milk price by 1c/L.
