June 22, 2024
Business News

Glanbia reveals latest milk prices it will pay Kilkenny farmers

Local food giant Glanbia has confirmed it will pay its Kilkenny milk suppliers 35.1 cent per litre (cpl) for January.

The creamery price includes a Late Supply Bonus (LSB) of 4 cpl (including VAT) that will be paid on all high-quality creamery milk supplied in January.

The 35.1cpl is an increase of 1.6cpl on the price paid by Glanbia in December.

Farmer members will receive a 0.42 cpl (including VAT) payment from Glanbia Co-op on all milk supplied this month as their ‘Share of GI Profit’. The Co-op will also pay its members a bonus of 0.4 cpl (including VAT) as an additional support payment.

These payments are made on top of the Glanbia Ireland base price for January of 30.68 cpl (including VAT) for creamery milk at 3.6% fat and 3.3% protein.

The Glanbia milk price for January creamery milk, based on LTO constituents of 4.2% butterfat and 3.4% protein, is 38.32 cpl.

The Seasonality Bonus is a payment to encourage creamery milk suppliers to flatten the milk supply curve. Liquid Milk contract holders and Autumn Calving Scheme participants receive their specific bonus payments, while the Seasonality Bonus is confined to creamery milk suppliers.

Glanbia Ireland Chairman John Murphy said: “While lockdowns are having a negative impact on food service, they are positive for retail demand.

“Milk supply growth is strong across all the main milk production regions, but rising feed costs may curb supply growth in the EU.”

PHOTO: Stock image 


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