The Glanbia base price has dropped by 2c to 28.46c/l excluding VAT. This will be paid by Glanbia Ireland for milk that is supplied at 3.6% fat and 3.3% protein. Glanbia Ireland also dropped the 1c/l support payment it paid out in February.
However the co-op is paying a top up of 3c/l, so that the farmer will receive 31.3c/l excluding VAT on March milk supplied at 3.6% fat and 3.3% protein. This essentially is the same as the price paid in February.
In a policy change approved on Thursday, Glanbia co-op support payments will now reflect the actual constituents of milk deliveries.
The chair of Glanbia, Henry Corbally, said that March had been an extremely difficult month on Glanbia supplier farms, with temperatures below normal, rainfall of more than twice the long-term average and grass growth significantly below expected levels. As a result, supply volumes, milk constituents and farm costs were adversely affected.
“While dairy markets continue to be relatively weak, Glanbia is very conscious of the challenges currently faced by our suppliers and we will continue to do as much as possible to support them,” he said.
Earlier on Thursday Lakeland Dairies announced a 2.5c/l cut to its base price, bringing it to 30.42c/l excluding VAT. However it also announced a support payment for all March supplies, meaning that the price Lakeland suppliers receive for March milk will be 32.78c/l excluding VAT.
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