Glanbia confirms slight drop in milk payments to Kilkenny farmers
KILKENNY-based Glanbia will pay local farmers 28.5 cent per litre for milk supplies in August.
Glanbia Ireland (GI) confirmed it will pay members a base milk price for August of 28 cents per litre including VAT, for manufacturing milk at 3.6% fat and 3.3% protein. This is a reduction of 1 cent per litre from the July base price.
The Board of Glanbia Co-op said it decided to continue to make a support payment to Members of 0.5 cpl including VAT for August milk supplies.
The Glanbia Ireland base price and the Glanbia Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.
The actual average price paid by Glanbia for August manufacturing milk, based on delivered constituents, will be 32.94 cpl (including Co-op support payment).
Glanbia Chairman Martin Keane said: “Glanbia Ireland’s milk price for August has been adjusted to reflect weaker market returns for some products, including butter. The rate of growth in global milk production is restrained, but unfortunately the supply demand balance for certain products is weaker. The Board will continue to monitor developments on a monthly basis.”