Glanbia has become the first processor to reveal its milk price for March supplies, announcing a price increase earlier today (Monday, April 12).

In a statement this afternoon, a spokesperson confirmed:

“Glanbia will pay its member milk suppliers 34.6c/L including VAT for March creamery milk supplies at 3.6% butterfat and 3.3% protein.”

Glanbia Ireland (GI) will pay a base milk price for March of 34.18c/L including VAT for creamery milk at 3.6% fat and 3.3% protein.

This is an increase of 1.5c/L including VAT from the February base price.

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 Co-op “Share of GI Profit” payment will be adjusted to reflect the actual constituents of milk delivered by suppliers, the spokesperson added.

The Glanbia milk price for March creamery milk, based on LTO constituents of 4.2% butterfat and 3.4% protein, is 37.65c/L.

Glanbia Ireland Chairman John Murphy said: “Increased consumption of fresh dairy produce in China has been a key factor driving higher pricing this year.

“In Europe, strong retail demand continues to partially offset weaker foodservice sales.

“Market sentiment is now reasonably stable as we approach peak milk supply season in Europe and see strong milk supply growth in the US,” the chairman added.

“Some markets, including butter, have been a little more volatile over the past month.

“Higher prices working their way through the supply chain may also impact on demand.

“The board will continue to monitor developments on a monthly basis,” Murphy concluded.