Glanbia will pay its Member milk suppliers 30.5 cent per litre (cpl) including VAT for May manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
Glanbia Ireland (GI) will pay a base milk price for May of 30 cpl including VAT, for manufacturing milk at 3.6% fat and 3.3% protein. The Board of Glanbia Co-op has decided to make a support payment to Members of 0.5 cpl including VAT for May milk supplies.
The Glanbia Ireland 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 May manufacturing milk based on actual constituents, will be 32.95 cpl (including Co-op support payment).
May milk supplies were 10% ahead of the same period in a challenging 2018. This will result in Glanbia milk payments worth in excess of €100 million for the month of May.
Glanbia Chairman Martin Keane said: “Glanbia Ireland has maintained its base price of 30cpl. While protein prices have improved in recent months, the butter market has weakened. Demand in many developed economies remains sluggish due to weaker economic growth and trade issues. The Board will continue to monitor developments on a monthly basis.”
The May milk payment will include retrospective top-up payments for milk volumes allocated to Fixed Milk Price Scheme (Phase 13).