Glanbia Ireland has decided to hold its milk price in the processor’s latest milk price announcement for the month of November.
The processor will pay its milk suppliers 35c/L, including VAT, for November manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
Glanbia Ireland chairman, Henry Corbally, said: “Higher global milk supply has led to reduced market returns for the basket of dairy products. The board will continue to monitor market developments on a monthly basis.”
Glanbia follows the lead of Lakeland Dairies, which has also held its price for November milk – but at 36.5c/L including VAT and including a 1c/L butter bonus.
This is the second consecutive month for Lakelands to hold its base price, having paid out 36.5c/L for September supplies also.
Other processors are set to reveal their milk prices for the eleventh month of this year in the coming days and weeks.
Ornua PPI down slightly for November
This news comes directly after the announcement that Ornua’s Purchase Price Index (PPI) has reduced slightly for the month of November, lowering to 115 for this month – down from 116.4 for October.
While still higher than September’s figure of 114.3, today’s announcement nonetheless brings an end to six consecutive monthly increases in 2017.
In spite of the slight decrease, the PPI still compares favourably to every month – bar last month – since September 2014.