Glanbia June milk price

The June milk price for Glanbia members is 22 cpl, including 2cpl of support from Glanbia Co-operative Society to its Members.

Glanbia will pay its member suppliers 22 cent per litre (cpl) including VAT for June manufacturing milk supplies. This price is inclusive of a 2 cpl Glanbia Co-operative Society support payment to its members.

Glanbia will pay its member suppliers 22 cent per litre (cpl) including VAT for June manufacturing milk supplies. This price is inclusive of a 2 cpl Glanbia Co-operative Society support payment to its members.

Glanbia Ingredients Ireland (GII) has held its base price at 20 cpl including VAT for manufacturing milk at 3.6% fat and 3.3% protein.

The Board of Glanbia Co-operative Society has decided to pay its members a support payment of 2.0 cpl (including VAT) for June manufacturing and liquid milk supplies.

Henry Corbally, Glanbia Chairman, said that recent weeks have seen a tentative recovery – albeit from a very low level - in prices for some products.
“The Board is very conscious of the challenges currently faced by our suppliers and we will continue to do as much as possible to support them,” he said.

He highlighted that a significant number of Glanbia suppliers are benefitting from their participation in Fixed Milk Price schemes, which are paying base prices of up to 32cpl.

The Glanbia chairman welcomed the recent publication of the KPMG Milk Price Review for 2015, which confirmed that, in terms of net milk price paid, Glanbia was second only to the Co-ops that supply Carbery Milk Products.

“This consolidates Glanbia’s position as a strong, competitive payer for milk in Ireland, after the similar ranking achieved for 2014,” he said.

He pointed out that, on top of a very competitive milk price, the Glanbia model delivers considerable value growth to member suppliers. For example, in recent weeks shareholders received their Ordinary Dividend of 10 cent per share from Glanbia Co-operative Society. In May, all shareholders received a Special Dividend of 25 cent per share. Henry Corbally said that the average milk supplier shareholder is projected to receive total Co-op dividends of 52 cent per share for the full year in 2016. For an average milk supplier shareholder, this would amount to €2,200.

Glanbia Advance Payment (GAP) Scheme

Glanbia Co-operative Society recently launched a €50 million “Glanbia Advance Payment” (GAP) Scheme to provide interest-free cash flow support to member suppliers in periods when milk prices are weak.

Participation in this voluntary scheme will allow members draw down cash flow support from the GAP Scheme when the market price for milk falls below “price triggers”, set annually by the Board of the Co-op. For the 2016 Scheme, the price trigger is set at a GII base price of below 24 cpl (including VAT). The interest-free reimbursements to the GAP Scheme will be triggered when markets recover to above 30 cpl.

Application forms for the GAP scheme have been issued to all Glanbia Member Suppliers with valid Milk Supply Agreements (MSA’s). Members interested in availing of this voluntary Scheme are encouraged to complete and return the application forms by July 29 so that Advance Payments can commence.