Glanbia has become the second processor to announce its milk price for May supplies, following on from Lakeland’s announcement earlier today, Thursday, June 11.

Following a meeting of the board this afternoon, Glanbia revealed that it will hold its base milk price from April.

Glanbia will pay co-op members 28.62c/L including VAT for May milk supplies at 3.6% butterfat and 3.3% protein. This includes an unchanged base price of 28c/L.

Glanbia Ireland will make a payment of 0.2c/L including VAT on all May milk volumes to reflect weather-related issues on farms.

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’.

The Glanbia Ireland base price, the Share of GI Profit and the weather-related payment will be adjusted to reflect the actual constituents of milk delivered by suppliers. The actual average price paid by Glanbia for May creamery milk, based on delivered constituents, will be 31.64c/L, the processor says.

Group chairman Martin Keane said: “Markets are delicately balanced at present.

There has been a welcome recovery in butter and skim milk powder prices over the last month, albeit from a low base.

“Global milk supply and demand movements over the coming months will need to be closely monitored as economies gradually re-open.”

Fixed Milk Price

Phase 16 of the Glanbia Fixed Milk Price scheme has been launched with a base price of 30c/L including VAT at reference milk constituents of 3.6% butterfat and 3.3% protein.

This voluntary scheme will run from August 1, 2020 to December 31, 2022.

Any seasonality bonus payments or additional payments made by Glanbia Co-operative Society to members, including the 0.42c/L share of GI profit, would be paid on top of the fixed milk price, the processor says.

The scheme will be open to all Republic of Ireland-based creamery milk supplies. In the event of over-subscription, allocations will be prioritised to Glanbia Ireland customers.