This is a subscriber-only article
Glanbia has cut its April milk price by 1c/l, meaning a base milk price of 26.56c/l excluding VAT for creamery milk at 3.6% fat and 3.3% protein.
Glanbia farmer members will received an additional 0.42c/l payment as part of their share of GI profit. This will mean a milk price of 26.96c/l excluding VAT.
Glanbia said: "The actual average price paid by Glanbia for April creamery milk, based on delivered constituents, will be 31.45c/l (including GI share of profit payment).
"This reduction in base milk price is due to the negative impact of the Coronavirus (COVID-19) pandemic on dairy market returns."
COVID-19
Last month, Glanbia announced it was dropping its March base milk price by 2c/l to 27.5c/l excluding VAT.
Glanbia chair Martin Keane said that dairy markets continued to be affected by COVID-19 and said the board was carefully watching consumer recovery and global milk supply trends, which would be key factors in the months ahead.
Dividend
The board of Glanbia Co-op has also approved the distribution of share interest of 13.5c per share for members.
Overall, this is worth €5m and was approved by the co-op at its SGM on 29 May last year. Glanbia said it aimed to complete the transfer of payments by mid-May to qualifying members.
SHARING OPTIONS: