Growing number of processors deciding to up their June milk prices
Kerry is the latest processor to announce that it is increasing its June milk price by 1c/L, joining the likes of Glanbia Ireland and Lakeland Dairies in the process.
Suppliers of Kerry will receive a base milk price of 33c/L, VAT inclusive, for milk manufactured in June.
This follows on from a 1c/L increase announced last month by the processor for May supplies. Prior to that Kerry hadn’t altered its milk price since the first month of the year, when it increased its milk price by 2c/L.
Earlier this week, both Glanbia Ireland and Lakeland Dairies also decided to increase their milk prices for June by 1c/L.
Suppliers of both processors will be paid a base price of 33c/L including VAT for manufacturing milk at 3.6% butterfat and 3.3% protein.
Prior to increasing their May milk prices, the processors had held their prices at 31c/L for three months in a row.
The Chairman of Glanbia, Henry Corbally, said: “The market for butterfat in particular has been positive, helped by reduced milk supply from Europe’s largest producers – France and Germany – while in contrast, powder markets are more challenging.
“The board will continue to monitor market developments on a monthly basis,” he said.
Meanwhile, Corbally also described yesterday, July 13, as a “historic occasion” in the evolution of the Glanbia organisation, with the first board meeting of the newly-formed entity, Glanbia Ireland.
Glanbia Ireland is a joint venture that is 60% owned by Glanbia Co-op and 40% owned by Glanbia plc. It combines Glanbia Ingredients Ireland, Glanbia Consumer Products and Glanbia Agribusiness.
It was established in July 2017, following the “overwhelming support” of Glanbia Co-op members at a Special General Meeting held in Punchestown in May.
Other processors are expected to announce their June milk prices in the coming weeks.