Glanbia has announced that it will hold its manufacturing milk price for March supplies at the current level (30.5 cent per litre including VAT).

This follows a decision taken earlier today by Glanbia Ingredients Ireland (GII) to reduce the base milk price for March by 1.0c//L to 29.5c/L including VAT, due to the current weakness in global dairy prices.

Glanbia Co-op will pay members, who supply manufacturing and liquid milk (and who have signed a Milk Supply Agreement), a bonus of 1.0c/L (including VAT) for March supplies.

The Society Board made clear its intention to take such action at its meeting in February 2015 to ensure that milk prices remained stable for the first three months of the year.

The Society Board has also decided to provide support, if necessary, so that the milk price paid for April supplies will also remain at the current level (30.5 cpl including VAT). The Board also stated its further commitment to keeping the price for May supplies at the same level in the absence of any significant unforeseen circumstances.

Commenting, Chairman Liam Herlihy said the Society Board is pleased to be in a position to support our members at this transitional period in the Irish dairy sector.

“We have just come to the end of the quota era and we believe that providing as much certainty as possible on milk price will underpin farmer confidence at this important time. The Board has made this decision to recognise the commitment and loyalty of our supplier base at a time of significant growth and investment in the sector.”