Glanbia has increased its base milk price for January supplies by 1c/l, bringing the price to 29.41c/l (excluding VAT).
Glanbia also has two top-ups for suppliers for January milk.
Farmer members will also receive a 0.4c/l (excluding VAT) payment from Glanbia Co-op on all milk supplied for January as their “share of GI profit”.
This new payment, which will be adjusted to reflect the constituents of milk supplied, will be paid on all milk supplied by co-op members in 2020.
An early calving bonus of 3.79c/l (excluding VAT) will also be paid to creamery suppliers for January milk.
An early calving bonus of 2.84c/l (excluding VAT) will be paid to creamery milk suppliers for all February milk. The early calving bonus is replacing the previous seasonality scheme.
The Glanbia Ireland base price, Glanbia Co-op share of GI profit payment and early calving bonus will be adjusted to reflect the actual constituents of milk delivered by suppliers.
Bonus in 2020
Glanbia Ireland liquid milk suppliers who deliver high-quality milk year-round receive a bonus of 7.02c/l (excluding VAT) on their contracted liquid milk volumes for the six months from October to March.
Participants in the autumn-calving scheme will be paid 8.06c/l (excluding VAT) on their contracted November to February volumes. Liquid milk contract holders and autumn-calving scheme participants are not eligible for the early calving bonus.
Glanbia chair Martin Keane said: “In the marketplace, global milk supply growth continues to be restrained, which has improved market sentiment.
“However, the impact on dairy markets of the unfortunate coronavirus outbreak in China will need to be monitored closely over the coming months,” he said.
Trading bonus top-up to issue this month
Glanbia Co-op has confirmed that a total of €10.8m will be paid to milk supplier members of the co-op this month as part of its 2019 trading bonus scheme.
The payment will be made to qualifying members with their January milk payment and is based on 2019 milk supply volumes.Some 3,375 Glanbia Co-op members will receive an average milk supplier trading bonus of €3,205.Two-thirds of trading bonus recipients qualified for the top rate bonus payment of 0.75c/l (plus VAT) on their 2019 milk supply as they spent over 7c/l with Glanbia Ireland last year.In the coming weeks, a further €1.4m in 2019 trading bonus scheme payments will issue to members for the green grain supplier trading bonus. Another €1m of 2019 trading bonus scheme payments will be paid in the summer for the dried grain supplier trading bonus.Non-milk supplier members will receive €0.5m for feed bonuses in the coming weeks under the scheme.
Glanbia Co-op announces changes to trading and bonus scheme
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