Glanbia sets its milk price for May supplies

Glanbia has become the first processor to announce its milk price for May supplies.

Announcing the price today, Wednesday, June 12, the processor said it will pay its member milk suppliers 30.5c/L including VAT for May manufacturing milk supplies at 3.6% butterfat and 3.3% protein.

Glanbia Ireland (GI) will hold its base milk price for May of 30c/L including VAT, for manufacturing milk at 3.6% fat and 3.3% protein.

The board of Glanbia Co-op has decided to make a support payment to members of 0.5c/L including VAT for May milk supplies.

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

The actual average price paid by Glanbia for May manufacturing milk based on actual constituents will be 32.95c/L (including Co-op support payment).

May milk supplies were 10% ahead of the same period in a challenging 2018. This will result in Glanbia milk payments worth in excess of €100 million for the month of May.

Glanbia chairman Martin Keane said: “Glanbia Ireland has maintained its base price of 30c/L. While protein prices have improved in recent months, the butter market has weakened.

“Demand in many developed economies remains sluggish due to weaker economic growth and trade issues. The board will continue to monitor developments on a monthly basis.”

Fixed Milk Price Scheme (Phase 13)

The May milk payment includes retrospective top-up payments for milk volumes allocated to the Fixed Milk Price Scheme (Phase 13).