Glanbia is paying dairy farmers the best possible price that it can, given current market circumstances, according to the co-op’s Chairman Henry Corbally.

“Glanbia Ingredients Ltd has just published very encouraging results for the past six months, securing growth of up to 11%,” he said.

“And there is a strong likelihood of this trend being maintained. This is tremendous news for the economy as a whole. But the performance of the plc cannot be reflected directly into the prices paid to farmers.

“The reality is that the co-op is only a 36% shareholder in Glanbia Ingredients Ltd. But it is fundamentally important for both the co-op and the plc to work in close harmony.”

Corbally said that Glanbia has shielded milk producers from the realities of world dairy markets over recent months.

“The society has acted to boost milk prices significantly during the period February to July of this year. In tandem with this, the sale of 10m plc shares generated a €65m member support fund.

“All of this is clear commitment to retain a sustainable dairy farming sector. And this will continue to be the case.”

However, Corbally would not comment on the calls now being made by a number of dairy stakeholder groups for enhanced dairy intervention support measures.

“These are political matters,” he said.

“No doubt, these issues will be discussed in depth at the upcoming summit meetings in Brussels. Everyone has to do their best to help deliver a sustainable future for the Irish dairy industry. Glanbia’s job is to deliver the best possible price to its members. ”

Corbally confirmed that he had taken note of the 14.8% rise in prices recorded at the most recent Global Dairy Trade event in New Zealand.

“But one swallow does not make a summer,” he said.