Glanbia Ireland has become the latest processor to set its milk price for July supplies, announcing its decision to hold its current price.

The processor made its decision on milk price today (Thursday, August 12).

Glanbia said it will pay its member milk suppliers 35.6c/L including VAT for July creamery milk supplies at 3.6% butterfat and 3.3% protein.

Glanbia Ireland (GI) will pay a base milk price for July of 35.18c/L including VAT for creamery milk at 3.6% fat and 3.3% protein. This is unchanged from the June base price, the group notes.

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 and Co-op Share of GI Profit payment will be adjusted to reflect the actual constituents of milk delivered by suppliers, it is added.

The Glanbia milk price for July creamery milk, based on LTO constituents of 4.2% butterfat and 3.4% protein, is 38.73c/L, a spokesperson for the processor said.

Commenting, Glanbia Ireland chairman John Murphy said: “Markets are seasonally quiet, which is normal for this time of the year.

“There is continued uncertainty around the pace of foodservice recovery in various markets, due to the evolving Covid situation.

“Price volatility remains a notable feature of the market. The board will continue to monitor developments on a monthly basis,” Murphy concluded.

Glanbia becomes the second processor to set its milk price for July following an announcement from Lakeland Dairies earlier today.

In a statement, a spokesperson for the Cavan-headquartered cooperative said:

“The Board of Lakeland Dairies has held the co-operative’s milk price for July.”

In the Republic of Ireland, Lakeland Dairies has held its base milk price for July at 36c/L including VAT, for milk at 3.6% fat and 3.3% protein.

“In Northern Ireland, Lakeland Dairies has held its milk price for July at 29.2p/L.”