Glanbia announces January milk price and trading bonus pay-out

Glanbia has become the first processor to announce its milk price for January supplies, announcing that it will hold the current figure.

The processor said that it will pay its member milk suppliers 32c/L including VAT for January manufacturing milk supplies at 3.6% butterfat and 3.3% protein.

This is unchanged from the December price.

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

In addition, Glanbia Ireland will make an interim market payment of 1c/L (including VAT) on all January milk supplies (excluding Fixed Milk Schemes paying above 31c/L).

Glanbia Co-op will make a support payment to members of 1c/L including VAT.

The Glanbia Ireland payments 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: “Glanbia Ireland is holding its base price at 30c/L and paying a 1c/L interim market payment as we await developments.

“Lower supply from key EU regions and a positive GDT has helped market sentiment, but Brexit and global trade tensions continue to create uncertainty around market direction.”

Glanbia Co-op to pay €10.9 million trading bonus to members

Glanbia Co-operative Society has also confirmed that a total of €10.9 million will be paid to milk supplier members of the co-op this month as part of its 2018 Trading Bonus Scheme.

The Milk Supplier Trading Bonus payment will be made to qualifying members with their January milk payment and is based on 2018 milk supply volumes.

A total of 3,755 co-op members will receive an average Milk Supplier Trading Bonus of €2,850.

Two-thirds of trading bonus recipients qualified for the top rate bonus payment of 0.75c/L (plus VAT) on their 2018 milk supply as they spent over 7c/L with Glanbia Ireland last year.

In the coming weeks a further €3 million in 2018 Trading Bonus Scheme payments will be made to members with the distribution of the Grain Supplier Trading Bonus and the Feed Trading Bonus.