Glanbia has become the first processor to set its milk price for October supplies, revealing an unchanged figure.
Announcing its price today (Tuesday, November 10), Glanbia will pay its member milk suppliers 31c/L including VAT for October creamery milk supplies at 3.6% butterfat and 3.3% protein.
Glanbia Ireland will pay a base milk price for October of 30.18c/L including VAT for creamery milk at 3.6% fat and 3.3% protein. This is unchanged from last month.
The co-op will also pay its members a bonus of 0.4c/L (including VAT) as an additional support payment.
The Glanbia Ireland base price and co-op payments will be adjusted to reflect the actual constituents of milk delivered by suppliers.
Glanbia Ireland chairman John Murphy said: “In the global marketplace, overall prices have remained generally steady.
“Food service demand in many regions continues to be impacted by Covid-19 restrictions. The impact on dairy markets will continue to be monitored closely over the coming months.”
€50 million share buy-back programme begins
Glanbia plc has begun a share buy-back programme of up to €50 million in total value in Glanbia plc ordinary shares as of yesterday (Monday, November 9).
The purpose of the share buy-back programme is to reduce the share capital of the company, with any shares repurchased for this purpose cancelled, the Irish agri-business giant says.
Under the terms of the agreement, Davy will make purchases of the shares under the buy-back programme independently.
The share buy-back programme will buy up to a maximum of 10% of the issued share capital of the company, it was added.