Glanbia Co-op increases July milk payment by 2.5 cpl to 57.58 cpl

Glanbia Co-op will pay its milk suppliers a total of 57.58 cent per litre (cpl) (including VAT) for July milk supplies at 3.6% butterfat and 3.3% protein. This is an increase of 2.5 cpl on the June milk price.

The price consists of the following:

• Glanbia base milk price for July of 51.08 cpl (including VAT), an increase of 1.5cpl on June;
• An Agri-Input Support Payment of 6 cpl on all milk supplied in July, including volumes in Fixed Milk Price schemes. This is an increase of 1 cpl;
• A Sustainability Action Payment of 0.5 cpl (including VAT) is being paid monthly on all milk supplied in 2022 to recognise specific sustainability actions being undertaken on farm.

The base price, Sustainability Action Payment and Agri-Input Support Payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.

The Glanbia total price for July creamery milk, based on LTO constituents of 4.2% butterfat and 3.4% protein, is 62.43 (including VAT). This includes the Sustainability Action Payment and Agri-Input Support Payment.

Glanbia Co-op Chairman John Murphy said: “The ongoing weakness in global milk flows is sustaining dairy product pricing at historical highs. European prices remain at a premium to global trade. The Board will continue to monitor the situation on an ongoing basis.”

The milk payment for July includes an allocation of funds from the Milk & Grain Price Provision announced by Glanbia Co-op on 1 April 2022.

Twice-monthly milk payments

The six-month pilot change to the timing of milk payments is continuing. As part of the Co-op’s new twice-monthly payment model, a payment for July milk was made to milk suppliers early in August and the remaining balance will be paid on Thursday, August 25, with milk statements due to be available online on that date.

Sustainability Action Payment

Glanbia Co-op chairman John Murphy advised milk suppliers of the importance of declaring their sustainability actions on Glanbia Connect to ensure they continue to receive their Sustainability Action Payment in 2023.

“The Sustainability Action Payment declaration portal has gone live on Glanbia Connect. The payment is worth 0.5 cent per litre (including VAT) to all suppliers. This year the full payment is being made in recognition of the current on-farm actions.

“Suppliers should log on to their Glanbia Connect account in the coming weeks and select their seven sustainability actions undertaken on-farm this year to ensure they continue to receive the valuable payment next year.”

First Published 18 August 2022