Significant milk price boost for Irish dairy farmers
Two major dairy processors have announced significant increases to the milk prices paid to their suppliers.
Glanbia has announced that it will pay its members 26c/L for September milk supplies.
The Glanbia milk price is inclusive of a 1c/L of support from Glanbia Co-operative to its members.
Glanbia Ingredients Ireland (GII) has increased its base price by 2c/l to 25c/l including VAT for manufacturing milk at 3.6pc fat and 3.3pc protein.
The Glanbia announcement comes on the back of a decision by the board of Lakeland Dairies has also increased its base price by 1c/l bringing its price to 26c/L including VAT.
Dairy market improvement
Henry Corbally, Glanbia chairman, welcomed the recent dairy market improvement and said that Glanbia will continue to monitor markets on a monthly basis.
Irish milk prices have improved significantly in recent months bouncing back from historic lows of 19c/L in mid-summer. The price rise has been attributed to a notable shift in global dairy market sentiment with milk prices improving in across all key dairy producing regions.