Glanbia to pay 31.5cpl for February milk

Glanbia will pay its Member milk suppliers 31.5 cent per litre (cpl) including VAT for February manufacturing milk supplies at 3.6% butterfat and 3.3% protein.

In line with current market returns, Glanbia Ireland (GI) has maintained its base milk price for February at 30 cpl including VAT, for manufacturing milk at 3.6% fat and 3.3% protein. In addition, Glanbia Ireland will make an interim market payment of 1cpl (including VAT) on all February milk supplies (excluding Fixed Milk Price Schemes paying above 31cpl).

During this period of market transition, the Board of Glanbia Co-op has decided to make a support payment to Members of 0.5 cpl including VAT.

The Glanbia Ireland payments and the Glanbia Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.

Glanbia Chairman Martin Keane said: “Glanbia Ireland is holding its base price at 30cpl and will again for February pay a 1 cpl interim market payment. Brexit uncertainty has led to short term changes in purchasing patterns. Protein prices have improved, but market returns have not recovered from the reduction in butter prices over recent months. While the recent series of GDT auction results is positive, it is from a lower base and remains below the current Glanbia Ireland price. With the market based milk price currently at approximately 30 cpl, the Board will continue to monitor developments on a monthly basis”.

Glanbia Loyalty Scheme payments

Participants in the Glanbia Loyalty Scheme (GLS) will be paid their Loyalty Reward with their February milk payment. Participants in this five-year Milk & Feed scheme will be paid €30 per tonne on their qualifying tonnes of dairy feed purchased in 2018. This month’s payment covers the period May to December 2018; in light of the challenging conditions last spring, an interim payment was made in May 2018 for dairy feed purchased in the January to April period.

First Published 11 March 2019