Lakeland Dairies has today (Thursday, July 10) confirmed that it will hold the price paid for milk supplied in June.

Lakeland Dairies board said the base price will remain "unchanged" and a 0.5c/L unconditional bonus will be paid on all litres supplied in June.

A price of 49.25c/L (3.6% butterfat and 3.3% protein) will be paid for June milk in the Republic of Ireland.

Lakeland said that this price is inclusive of the 0.5c/L unconditional bonus as well as the 0.5c/L Sustainability Incentive Payment.

In Northern Ireland, a price of 40.3p/L will be paid for milk supplied in June which is also inclusive of the 0.5p/l unconditional bonus on all milk supplied in June as well as the Sustainability Incentive Payment.

According to the Lakeland Dairies Board "for the most part, global markets remain relatively stable despite the ongoing trade and geopolitical tensions".

But they have warned that "continuing strong milk supplies in many regions are beginning to shift the supply/demand dynamic".

"Lakeland Dairies will continue to monitor the markets and will endeavour to support our farmers as best we can," the board added.

The uncertainty on the milk price front was reflected in the most recent Global Dairy Trade auction, where (GDT) price index fell by 4.1%.

This marked the fourth consecutive average fall in the GDT price index.

The latest event attracted a total of 161 bidders and there was 25,705 metric tonnes  (MT) of product sold.

The average selling price was €3,647/MT in the auction, which lasted for nearly three hours, during which there were 110 winning bidders and 22 bidding rounds.

The GDT Price Index finished at 1,246 – compared to the previous index figure of 1,299 on June 17.