Glanbia Ireland (GI) will pay a base milk price for August of 28 cpl including VAT, for manufacturing milk at 3.6% fat and 3.3% protein. This is a reduction of 1 cpl from the July base price. The Board of Glanbia Co-op has 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). Commenting, 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.”
Meanwhile, the Board of Lakeland Dairies have also set a price for August milk. In the Republic of Ireland (ROI), a price of 30.03 cents per litre (including VAT) has been agreed for milk supplied in August. The price has reduced by 0.75c/l on last month’s price. In Northern Ireland, a price of 24.50 pence per litre will be paid for August supplies. The price has reduced by 0.75p/l on last month’s price. Commenting on the price, the Co-op said: “Despite the moderation in milk supplies, the global dairy market continues to be hit by weak demand across a range of products as a result of significant Brexit trade uncertainty and US-China trade wars. Lakeland will continue to monitor the market closely in the coming week.”