Glanbia sets December milk price and adds bonus
Glanbia Ireland will pay its milk suppliers 33.20c/l excluding VAT for December manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
It is the second co-op to announce a milk price on Friday, with Lakeland Dairies also holding its December milk price.
Glanbia Ireland has also announced that it will pay its milk suppliers a 1.05c/l excludng VAT bonus on all milk supplied in July to December of 2017.
The bonus applies to all liquid and manufacturing milk supplies and will be included in this month’s milk payment.
This comes after a mid-year payment of 1/cl for January to June last year, bringing the total top-up payment for the year to 1.05c/l over the annual milk supply.
Milk volumes allocated to Glanbia’s Fixed Milk Price Schemes will also benefit from the flat 1.05c/l top-up payment (as the scheme prices are currently below the market price).
Glanbia Ireland chair Henry Corbally said: “We are pleased that the business met all its performance targets and is in a position to make this very significant payment to our farmers for all milk supplied in the second half of 2017."
However, current market returns are considerably lower than our milk price, therefore price adjustments would seem inevitable over the coming months.
“As a business majority owned by our farmers, we are always committed to returning the highest possible milk price to our suppliers.
“Overall, 2017 was an excellent year for our milk suppliers, with 9% more milk delivered by our farmers and a very strong average milk price,” Henry Corbally said.
Corbally also reminded farmer suppliers that Glanbia will hold a full series of regional information meetings for shareholders and suppliers over the next two weeks.
The meetings will provide a detailed briefing on the 2018 market outlook, as well as an update on business developments and Glanbia schemes and services for farmers.