Glanbia announces increased January milk price and Early Calving Bonus details

Glanbia has announced an increase to its milk price for January supplies, the group has announced.

In a statement today, Monday, February 10, Glanbia Ireland said ti will pay a base milk price for January of 31c/L including VAT for creamery milk at 3.6% fat and 3.3% protein.

This is an increase of 1c/L from the December base price.

Farmer members will also receive a 0.42c/L including VAT payment from Glanbia Co-op on all milk supplied this month as their ‘Share of GI Profit’.

This new payment, which will be adjusted to reflect the constituents of milk supplied, will be paid on all milk supplied by co-op members in 2020, the processor says.

Glanbia Co-op members will also have the opportunity to participate in the 2020 Trading Bonus Scheme which rewards Glanbia Co-op Members for trading with the business that they majority own, Glanbia Ireland.

An Early Calving Bonus (ECB) of 4c/L including VAT will be paid to creamery suppliers for January milk. An Early Calving Bonus of 3c/L including VAT will be paid to creamery milk suppliers for all February milk. The ECB replaces the previous Seasonality Scheme.

The Glanbia Ireland base price, Glanbia Co-op Share of GI Profit payment and Early Calving Bonus will be adjusted to reflect the actual constituents of milk delivered by suppliers.

Glanbia Ireland liquid milk suppliers who deliver high quality milk year round receive a bonus of 7.4c/L including VAT on their contracted liquid milk volumes for the six months from October to March.

Participants in the Autumn Calving Scheme (ACS) will be paid 8.5c/L including VAT on their contracted November to February volumes. Liquid Milk contract holders and Autumn Calving Scheme participants are not eligible for the Early Calving Bonus.

Glanbia chairman Martin Keane said: “In the marketplace, global milk supply growth continues to be restrained, which has improved market sentiment.

“However, the impact on dairy markets of the unfortunate Coronavirus outbreak in China will need to be monitored closely over the coming months.”