Glanbia member suppliers will receive 29.9c/l excluding VAT for February manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
This is 0.5c/l less than what member suppliers received for January milk.
Glanbia Ireland maintained its base milk price for February at 28.5c/l excluding VAT.
Glanbia Ireland has maintained its interim market payment of 1c/l (including VAT) on all February milk supplies (excluding fixed milk price schemes paying above 31c/l).
Support payment cut
However, the board of Glanbia Co-op has decided to cut its support payment to members from 1c/l to 0.5c/l including VAT.
The Glanbia Ireland payments and the Glanbia Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.
“Brexit uncertainty has led to short-term changes in purchasing patterns," Glanbia chair Martin Keane said.
"Protein prices have improved, but market returns have not recovered from the reduction in butter prices over recent months.
"While the recent series of GDT auction results is positive, it is from a lower base and remains below the current Glanbia Ireland price.
"With the market-based milk price currently at approximately 30c/l, the board will continue to monitor developments on a monthly basis,” he added.
Glanbia loyalty scheme payments
Participants in the Glanbia loyalty scheme (GLS) will be paid their loyalty reward with their February milk payment.
Participants in this five-year milk and feed scheme will be paid €30/t on their qualifying tonnes of dairy feed purchased in 2018.
This month’s payment covers the period May to December 2018.
In light of the challenging conditions last spring, an interim payment was made in May 2018 for dairy feed purchased in the January to April period.
Lakeland was the first processor to announce a milk price for February supplies. It held at 30.4c/l excluding VAT.
Glanbia boss sees pay hike of 20% in 2018
Long read: what the Lakeland-LacPatrick merger means for farmers