April 16, 2021
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 36.1 cent per litre (cpl) for February.

pay a base milk price for February of 32.68 cpl (including VAT) for creamery milk at 3.6% fat and 3.3% protein. This is an increase of 2 cpl from the January base price.

The 36.1cpl is an increase of 2cpl on the base price paid by Glanbia in February.

In addition to the base price, a Seasonality Bonus of 3 cpl (including VAT) will be paid on all creamery milk supplied in February.

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’.

These payments are made on top of the Glanbia Ireland base price for January of 32.68 cpl (including VAT) for creamery milk at 3.6% fat and 3.3% protein, a 2cpl increase on the January price.

The Glanbia milk price for February creamery milk, based on LTO constituents of 4.2% butterfat and 3.4% protein, is 39.40 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: “Dairy market sentiment in recent weeks has been boosted by a combination of factors, including lower than forecast milk supply volumes in key production regions and strong Asian demand.

“Other factors include continued Government support measures and optimism linked to the tentative easing of Covid restrictions in some countries.

“It is also welcome to see the US and Europe announce a four-month suspension of all tariffs linked to the Airbus and Boeing dispute. The Board will continue to monitor developments on a monthly basis,” Mr Murphy concluded.

PHOTO: Stock image 

 

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