Glanbia has announced an increase in its milk price for supplies in the month of June.
Glanbia Co-op milk suppliers will be paid a total of 55.08c/L, including VAT, for June milk, at constituents of 3.6% butterfat and 3.3% protein.
This is an increase of 3c/L on the milk price for May.
The price consists of:
- The Glanbia base price for June of 49.58c/L, including VAT, which has increased by 3c/L;
- The Agri-Input Support Payment of 5c/L on all milk in June;
- The Sustainability Action Payment of 0.5c/L, including VAT, is being paid monthly on all milk supplied in 2022 to recognise specific sustainability actions being undertaken on farm.
The base price and the two supplementary payments will be adjusted to reflect the actual constituents of milk delivered by suppliers, Glanbia said.
Based on European standard constituents of 4.2% butterfat and 3.4% protein, the total price converts to 59.73c/L, including VAT and the two supplementary payments.
Glanbia Co-op chairperson John Murphy commented: “European dairy commodity markets remain generally stable, with prices well above historic averages.
“Global milk flows remain flat which is helping to sustain commodity pricing at record levels. The board will continue to monitor the situation on an ongoing basis.”
The six-month pilot to change the timing of milk payments begins with the June milk payment in July. As part of this change, €96 million was paid to milk suppliers around 10 days early under the co-op’s new twice-monthly payment model.
The remaining balance will be paid to milk suppliers on Monday, July 25, with milk statements due to be available online on that date.
In total, June milk price value will exceed €200 million.
With this week being Farm Safety Week, Murphy took the opportunity to remind suppliers to be conscious of farm safety.
“During Farm Safety Week, we should all take a moment to stop and think about the way we work on our farms. This is a busy time of year and it is important that we prioritise safety at all times,” he said.