Lakeland Dairy is the primary processor to announce a July milk worth, and has prolonged funds to all suppliers in each the Republic of Eire (ROI) and Northern Eire.

In ROI, the worth of milk has elevated by 2.25c/L to 57.35c/L together with VAT, to pay for milk at 3.6% fats and three.3% protein.

On a mean, Lakeland Dairies pays 60.6c/L in ROI for July milk.

Increase for fixed-price suppliers
In ROI, all farmers concerned within the fastened milk-price contract will obtain a supplementary fee of 8c/L.

In Northern Eire, Lakeland Dairy has raised the worth of its milk from 2.0p/L to 46p/L.

This may permit Lakeland Dairy to pay a mean of 47.42p/L for July milk, together with changes for substances and high quality, and quantity bonuses and nil cartridge expenses.

Increase for fixed-price suppliers
In Northern Eire, all fastened milk-price contracts will obtain a 7p/L supplementary fee.

The processor mentioned the continued increase in dairy markets is starting with a cooling off in demand for greater worth product classes and under the latest highs of public sale costs.

“World financial circumstances, together with extreme inflation, excessive enter prices at farm and processing ranges, and rising rates of interest coupled with seasonal and climate occasions, will proceed to have an effect on the worldwide steadiness of provide and demand,” a spokesperson mentioned.

“Shopper sentiment is being affected by rising prices on the whole throughout all kinds of items and companies, together with meals and power.”

Lakeland Dairy mentioned it continues to observe market growth.

In the meantime, the Central Statistics Workplace (CSO) right now (Thursday, August 11) launched the Agricultural Worth Index for June 2022, which reveals that the worth of milk has elevated by about 45% since June final yr.

The info reveals that the Agricultural Enter Worth Index was up 40.2% within the yr to June 2021, whereas the Agricultural Manufacturing Worth Index was up 29.8% in the identical interval.