Glanbia reveals its milk price for July supplies

Glanbia has become the first processor to reveal its milk price for the month of July, revealing a held milk price for last month’s supplies.

This follows a meeting of the board earlier today, Tuesday, August 11.

Glanbia will pay its member milk suppliers 30.1c/L including VAT for July creamery milk supplies at 3.6% butterfat and 3.3% protein. This is unchanged from the June milk price.

Glanbia Ireland will pay a base milk price for July of 29.68c/L including VAT for creamery milk at 3.6% fat and 3.3% protein.

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 July creamery milk, based on delivered constituents, will be 33.86c/L, the processor said.

Commenting, Glanbia chairman Martin Keane said: “The current market balance is fragile.

Weak global economic data and high rates of coronavirus in many key importing regions are of concern. Market direction will depend on the level of milk supply in key regions and recovery of foodservice demand.

Keane thanked all Glanbia Ireland employees, contractors and suppliers for their ongoing efforts to deal with the coronavirus challenge. He encouraged everyone to maintain their vigilance and to follow all official advice.