Glanbia will pay its member milk suppliers 30.4c/l excluding VAT for January manufacturing milk supplies at 3.6% butterfat and 3.3% protein. This is unchanged from the December price.
It includes a 2c/l support payment to qualifying farmers, of which 1c/l comes from the co-op and 1c/l comes from Glanbia Ireland.
“Glanbia Ireland is holding its base price at 30c/l and paying a 1c/l interim market payment as we await developments. Lower supply from key EU regions and a positive GDT has helped market sentiment, but Brexit and global trade tensions continue to create uncertainly around market direction,” Glanbia chair Martin Keane said.
For December supplies, the co-op held the price up with a 2c/l top-up. As a result, the price for co-op members remains unchanged and the price for non-members is up 1c/l compared with the previous month.
The Ornua purchasing price index (PPI) remained almost unchanged for January 2019, moving up marginally by 0.1 to 107.6. This is equivalent to a farmgate price of 30.6c/l (excluding VAT and assuming 6.5c/l processing costs).
Glanbia Co-op has confirmed that a total of €10.9m will be paid to milk supplier members of the co-op this month as part of its 2018 trading bonus scheme.
The Milk Supplier Trading Bonus payment will be made to qualifying members with their January milk payment and is based on 2018 milk supply volumes.
A total of 3,755 Glanbia Co-op members will receive an average Milk Supplier Trading Bonus of €2,850. Two-thirds of trading bonus recipients qualified for the top rate bonus payment of 0.75c/l (excluding VAT) on their 2018 milk supply as they spent over 7c/l with Glanbia Ireland last year.
PPI holds steady as further SMP stocks cleared