Glanbia Ingredients Ireland (GII) has launched two new fixed milk price schemes – a one year and a three year offering. The schemes were agreed at a Glanbia council meeting last week.

While neither of the forward prices looks overly attractive, given global milk market sentiment is rising, these products are not about beating the market. The one-year price looks poor relative to where Glanbia price is now. The three-year price could still be attractive for some depending on farm costs, Brexit fall out and other unknowns. The phase eight price scheme is a three-year fixed milk price margin scheme running from 1 January 2017 and the base price is 28.61c/litre excluding VAT at 3.3% protein and 3.6% fat.