Glanbia reduces supports for March milk price

Glanbia has become the first processor to announce its March milk price today, Friday, April 12, revealing a reduced figure for last month’s supplies for members.

Glanbia will pay its member milk suppliers 30.5c/L including VAT for March manufacturing milk supplies at 3.6% butterfat and 3.3% protein.

In line with current market returns, Glanbia Ireland will pay a base milk price for March of 30c/L including VAT, for manufacturing milk at 3.6% fat and 3.3% protein.

The interim market payment of 1c/L that was paid by Glanbia Ireland on January and February milk supplies will not be paid for March. The board of Glanbia Co-op has decided to make a support payment to members of 0.5c/L including VAT.

The Glanbia Ireland payments and the Glanbia Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers, according to the processor.

Glanbia chairman Martin Keane said: “Glanbia Ireland has maintained its base price of 30c/L to reflect current market returns.

“While global milk supply growth is lower than previous years and oil prices have increased, market demand in some regions is being adversely affected by challenges that include lower economic growth, Brexit and trade wars.

Butter prices have weakened and the market is currently working through the large volume of intervention powder stocks that were purchased late last year.

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