The board of Lakeland Dairies has set its March price, holding its price at 46.38c/l excluding VAT, at 3.6% butterfat and 3.3% protein.

The price is inclusive of the 0.47c/l, excluding VAT, sustainability incentive payment.

In Northern Ireland, a base price of 39.8p/l will be paid for milk supplied in March, which is inclusive of the 0.5p/l sustainability incentive payment. The base price has been held from last month.

A spokesperson for Lakeland Dairies said that the global dairy supply and demand dynamic remains relatively stable.

“Concerns over geopolitical tensions and their impact on the global economy and consumer sentiment are likely to have the biggest influence in the short to medium term.

“Lakeland Dairies will continue to monitor the markets and will endeavour to support our farmers as best we can,” the spokesperson said.