Glanbia Ireland (GI) will pay a base milk price for February of 31c/l excluding VAT for creamery milk at 3.6% fat and 3.3% protein.
This is an increase of 2c/l from the January base price, the co-op has said.
In addition to the base price, a seasonality bonus of 3c/l including VAT will be paid on all creamery milk supplied in February.
Member milk suppliers will be paid 34.25c/l excluding VAT for February creamery milk supplies at 3.6% butterfat and 3.3% protein.
Farmer members will receive a 0.42c/l, including VAT, payment from Glanbia Co-op on all milk supplied this month as their ‘share of GI profit’.
The Glanbia Ireland base price, seasonality bonus and co-op 'share of GI profit' payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.
Glanbia Ireland chair John Murphy said: “Dairy market sentiment in recent weeks has been boosted by a combination of factors, including lower than forecast milk supply volumes in key production regions and strong Asian demand.
“Other factors include continued Government support measures and optimism linked to the tentative easing of COVID restrictions in some countries.
“It is also welcome to see the US and Europe announce a four-month suspension of all tariffs linked to the Airbus and Boeing dispute.
“The board will continue to monitor developments on a monthly basis.”
Fixed milk price
Phase 17 of the Glanbia fixed milk price scheme has also been launched, with a base price of 30.36c/l excluding VAT and inclusive of seasonality bonuses at 3.6% butterfat and 3.3% protein.
This voluntary scheme will run for two years and 10 months - from 1 March 2021 to 31 December 2023.
“Any additional payments made by Glanbia Co-operative Society to members, including the 0.42c/l share of GI profit, would be paid on top of the fixed milk price,” a spokesperson said.
“The scheme will be open to all Republic of Ireland-based creamery milk suppliers. In the event of over-subscription, allocations will be prioritised to GI customers.”