First Milk has announced that its milk price will rise by a further 0.75p per litre for May 2024.
The move means the UK processor's milk price on a manufacturing standard litre will sit at 39.5p per litre, including the member premium.
The price for April was also increased by 0.75ppl.
Mike Smith, vice-chairman, said the introduction of the variable regenerative bonus was an important development.
The bonus rewards the efforts that farmers are putting into driving progress with regenerative farming.
“Given the ongoing wet weather and the challenge that brings to our members, I hope that this further increase in milk price will be welcomed.
"Milk markets appear to be fairly balanced at present, with demand remaining under pressure but that being offset by continuing challenges around global milk supplies.”
