This means that its milk price from May 1 will be 26.75ppl for a liquid standard litre and 27.63ppl on a manufacturing standard litre, both including the co-op’s member premium.

Commenting on the announcement, farmer director and vice-chairman Jim Baird, said: “The current situation is uncertain, as no-one can predict what the overall impact of Covid-19 will be on society at large, or on milk prices.

“International dairy commodity markets have weakened, and the foodservice sector is shutdown, yet most of our customers are focused on retail markets, which are seeing strong demand due to concerns over food availability.

“There is no room for complacency in the current circumstances and we have reviewed and strengthened our contingency plans across the business and, so far, our sites are operating in line with our business plan. Throughout our supply chain – from farmer members to hauliers and First Milk colleagues – everyone is working tirelessly in difficult circumstances to play our part in feeding the nation and I want to thank everyone involved for all their support,” said Mr Baird.

“We are well-placed and will continue to do all that we can to minimise the risk to future returns for our members in these challenging times.”