Glanbia has become the latest processor to announce its milk price for May, announcing an increase for last month’s supplies.
In a statement this evening (Monday, June 14) Glanbia will pay its member milk suppliers 35.6c/L including VAT for May creamery milk supplies at 3.6% butterfat and 3.3% protein.
Glanbia Ireland (GI) will pay a base milk price for May of 35.18c/L including VAT for creamery milk at 3.6% fat and 3.3% protein.
This is an increase of 1c/L from the April base price, the processor said.
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 GI base price and co-op “Share of GI Profit” payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.
The Glanbia milk price for May creamery milk, based on LTO constituents of 4.2% butterfat and 3.4% protein, is 38.73c/L, it was added.
Commenting on the milk price, Glanbia Ireland chairman John Murphy said:
“Dairy markets are in reasonable balance at present, despite the variable nature of the recovery in demand from the foodservice sector.
“The board will continue to monitor developments on a monthly basis.”
Glanbia has become the second processor to reveal its May milk price after Lakeland Dairies announced its price last Friday (June 11).
In the Republic of Ireland, Lakeland Dairies has increased its base milk price by 1.66c/L to 36c/L, including VAT, for milk at 3.6% fat and 3.3% protein.
This 1.66c/L increase in the base milk price “replaces the unconditional bonus which has been paid successively over several months to date”, a spokesperson for the co-operative said.
In Northern Ireland, Lakeland Dairies has also replaced its unconditional bonus with an increase of 1.2p/L in its base milk price to 29.2p/L.