Glanbia releases milk prices for February supplies
Following today’s milk price by Lakeland, Glanbia has become the second processor to announce its prices for its February supplies.
Glanbia will pay its member milk suppliers 31.5c/L, including VAT, for February manufacturing milk supplies at 3.6% butterfat and 3.3% protein, down from last month’s figure of 32c/L.
Glanbia Ireland (GI) has maintained its base milk price for February at 30c/L, including VAT, for manufacturing milk at 3.6% fat and 3.3% protein, which it says is “in line with current market returns”.
Glanbia Co-op will make a support payment to members of 0.5c/L, including VAT.
“Brexit uncertainty has led to short-term changes in purchasing patterns. Protein prices have improved, but market returns have not recovered from the reduction in butter prices over recent months,” said chairman Martin Keane.
For the last three months – reflecting January, December and November milk prices – the processor has offered 32c/L, including VAT, for manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
Last month, Glanbia Ireland maintained its price at previous values.
It offered 30c/L, including VAT, for January supplies, at 3.6% fat and 3.3% protein.
It also announced that it would make an interim market payments of 1c/L, including VAT, on all January milk supplies (excluding Fixed Milk Schemes paying above 31c/L).
Meanwhile, Glanbia Co-op announced that it would make a support payment to members of 1c/L, including VAT.
Fixed Milk Price Scheme
As well as its prices, Glanbia Ireland also announced last month that it would be launching a two-year Fixed Milk Price Scheme.
Under that Scheme, the processor is offering a milk price of 31.5c/L including VAT; the scheme will run from February 2019 to January 2021 inclusive, according to Glanbia.
Speaking at the time of the announcement, Sean Molloy, Glanbia Ireland’s chief agri-business growth officer, said: “We are pleased to be in a position to offer our latest scheme, Phase 13, offering a fixed price of 31.5c/L over the next two years, particularly in the context of the uncertainty around Brexit.
“Glanbia Ireland has a long track record of providing our milk suppliers with the option of taking a fixed milk price in order to protect their businesses from dairy market volatility,” he added.