Lakeland Dairies has announced its milk price for October, revealing a held base price from September.
However, a lactose bonus will provide a boost to dairy farmers.
Cavan-based Lakeland Dairies announced its October prices following a meeting of its Board yesterday.
In the Republic, a base price of 32 cent per litre, including VAT, will be paid for milk supplied in October.
A lactose bonus of 0.28 cent per litre also applies in October.
In the north, a base price of 26.55 pence per litre will be paid for October milk.
A Lakeland Dairies spokesperson said the co-operative is threading a delicate balance between supply and demand in global markets.
The spokesperson added that European production is now at a seasonal low, while production in New Zealand and Australia approaches its spring peak, and US milk production continues to be subsidised, yielding higher volumes than last year into world markets.
Markets for butters and powders have come under some pressure over the past month, with buyers exhibiting caution in their forward commitments, largely due to weaker consumer sentiment as a result of covid-19.
With Brexit approaching, the spokesperson said it’s important to get an agreement of a trade deal between the UK and EU to provide on-going stability and certainty for the entire dairy industry across the Republic of Ireland and the UK.
