Significant milk price boost for Irish dairy farmers
Published 13/10/2016 | 15:27
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.