Glanbia has cut its August milk price by 0.5c/L with member suppliers set to receive 26c/L including VAT for August milk.

This price is inclusive of a 1.0 cpl Glanbia Co Operative Society support payment to its members, according to Glanbia.

In a statement Glanbia says that despite ongoing low returns in global dairy markets, Glanbia Ingredients Ireland (GII) has held the manufacturing milk price for August at 25c/L including VAT for manufacturing milk at 3.6% fat and 3.3% protein.

Glanbia chairman Henry Corbally welcomed the recent trend in price movements on the Global Dairy Trade (GDT), but cautioned that improvements were coming off a very low base.

The Board of Glanbia Co-operative Society has decided to pay members who have signed a Milk Supply Agreement a bonus of 1.0c/L (including VAT) for August manufacturing and liquid milk supplies.

Glanbia Co-operative Society has made very significant support payments to members this year: March (1c/L); April (2c/L); May (3c/L); June (1c/L), July (1.5c/L) and August (1c/L).

Suppliers to GII that are not currently members of Glanbia Co-operative Society will be entitled to all 2015 support payments on a retrospective basis, provided they avail of an opportunity to join the Society before 16 October of this year.