Glanbia reveals its milk price for May supplies
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 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.
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.