Glanbia announces milk price for May
Glanbia has become the latest processor to announce its milk price for the month of May; the processor held its base price, but reduced its support payment compared to the previous month.
Glanbia will pay its member milk suppliers 30c/L including VAT for May manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
This is a reduction of 1c/L on the April price of 31c/L.
In addition, Glanbia Co-op will make a support payment to members of 1c/L including VAT for May manufacturing milk at 3.6% fat and 3.3% protein; this is down from 2c/L in the previous month.
The Glanbia Ireland base price and the co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers, according to the processor.
Martin Keane, Glanbia chairman, said: “There has been a welcome recovery in dairy market sentiment, driven mainly by adverse weather impacts on EU and US milk supply. The board will continue to monitor developments on a monthly basis.”
Meanwhile, Glanbia has completed a number of previously-announced payments to members and suppliers in order to help address cash flow challenges caused by the difficult spring, according to the processor.
Glanbia Co-op has completed the transfer of approximately €10 million in share interest to all members. This payment of 26c per share was worth over €1,000 – on average – to milk supplying shareholders.
This five-year scheme – which commenced on January 1, 2018 – pays a loyalty bonus of €30/t on all dairy feed purchased by participants. For the year to the end of April, this was worth an average of €1,500 to scheme participants, the processor claims.
Glanbia made a support payment of €50/t on all qualifying feeds purchased in April. This resulted in approximately €2.5 million being credited to members in their trading accounts, according to the dairy giant.
New Glanbia chairman announced
Meanwhile, at the start of the month, it was revealed that Martin Keane had been appointed to succeed Henry Corbally as the group chairman of Glanbia with immediate effect.
Prior to this appointment, Keane – who has served a total of 11 years on the board – held the role of vice-chairman of Glanbia plc since 2010.
As well as this, Patrick Murphy was appointed to the position of vice-chairman in place of Keane – while John Murphy will continue as a vice-chairman, an announcement from Glanbia explained.
Murphy was appointed to the board in May 2011 and is also a director of Farmer Business Developments plc.