Glanbia Ireland increases its milk price for June

Glanbia has become the latest processor to reveal its milk price for June supplies, announcing an increase for last month’s milk.

Glanbia will pay its member milk suppliers 30.1c/L including VAT for June creamery milk supplies at 3.6% butterfat and 3.3% protein.

A spokesperson for the processor said that Glanbia Ireland will pay a base milk price for June of 29.68c/L including VAT for creamery milk at 3.6% fat and 3.3% protein.

This is an increase of 1.48c/L from the total payment for May supplies, which included a 0.2c/L weather-related payment, the spokesperson said.

The Glanbia base price has increased from 28c/L in May to 29.68c/L for June, an increase of 1.68c/L, it was added.

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 the Share of GI Profit payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.

The actual average price paid by Glanbia for June creamery milk, based on delivered constituents, will be 33.21c/L, the spokesperson concluded.

Glanbia chairman Martin Keane said: “Dairy markets have strengthened in recent weeks, helped by the tentative re-opening of some food service outlets and Government interventions.

However, given the weak economic data and high rates of coronavirus in many key importing regions, the short and medium-term market direction remains uncertain.

In conclusion, Keane highlighted the importance of dairy farming to the Irish economy at this challenging time. “As the largest milk supply month of the year, our June milk payment will deliver over €120 million to rural communities.”

Lakeland milk price

On Friday, July 10, Lakeland Dairies revealed an increase of 1c/L to its figure for last month’s milk.

This means that suppliers will receive a base price of 30c/L including VAT for June milk.

Meanwhile, Lakeland suppliers in Northern Ireland will receive an increase of 1.25p/L to their milk price, for a June figure of 24.25p/L.