Glanbia warns of dairy downturn
GLANBIA has warned of a downturn in dairy prices.
The Kilkenny food giant today confirmed it will pay its milk suppliers 32 cent per litre including VAT for October, manufacturing milk supplies at 3.6pc butterfat and 3.3pc protein.
This is unchanged from the September price. However, Glanbia Chairman Martin Keane warned milk suppliers there has been a sharp reduction in dairy market returns that is not being reflected in the base milk price.
He said Glanbia will continue to monitor developments on a monthly basis.
Increased supplies of milk are putting pressure on the market. Farm organisations have appealed for co-ops to hold prices for the rest of the year.