Glanbia announces December milk price

Glanbia has become the latest processor to announce its milk price for December supplies, deciding to hold its offering.

The processor will pay its member milk suppliers 32c/L including VAT for December manufacturing milk supplies at 3.6% butterfat and 3.3% protein. This is unchanged from the November price.

Glanbia Ireland (GI) has maintained its base milk price for December at 30c/L including VAT, for manufacturing milk at 3.6% fat and 3.3% protein.

In addition, Glanbia Co-op will make a support payment to members of 2c/L including VAT.

The Glanbia Ireland base price 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: “The recent sale of Skim Milk Powder (SMP) out of intervention is welcome as it has almost eliminated the stock overhang and improves market sentiment.

“However, Brexit and global trade tensions continue to create some uncertainty around market direction,” Keane added.

80,400t Of SMP Shifted

Yesterday, it was revealed that some 80,400t of skimmed milk powder (SMP) has been sold from intervention stocks in the latest tender held in Europe.

The product was sold at a minimum price of €1,554.90/t; an increase of approximately 7% in minimum price.

While this is sold at considerable discount, working out at about 19c/L in milk equivalent, the intervention sale price has been experiencing a welcome boost in recent weeks.

Of the product sold, some 13,125t was Irish stock – leaving just over 14,000t of Irish stock remaining in intervention.

Approximately 22,000t of SMP remains in intervention following strong sales in recent months – 380,000t of product has been sold out of intervention over the past 12 months.