Glanbia and Lakeland announce March milk prices
Glanbia has announced that it will pay 30.5c/L for March milk supplies - down 1c/L on its February price
Glanbia will pay its Member milk suppliers 30.5c/L including VAT for March manufacturing milk supplies and it won't include the 1c/L interim market payment it paid on January and February supplies.
The move comes as milk production is on target to top 8bn litres this year, with deliveries to some producers up 12-13pc in the first quarter compared to the first quarter of 2018.
In a statement it said that "in line with current market returns, Glanbia Ireland (GI) will pay a base milk price for March of 30c/L including VAT, for manufacturing milk at 3.6pc fat and 3.3pc protein.
"The interim market payment of 1c/L that was paid by Glanbia Ireland on January and February milk supplies will not be paid for March."
However, the Board of Glanbia Co-op has decided to make a support payment to members of 0.5c/L including VAT.
Glanbia Chairman Martin Keane said: “Glanbia Ireland has maintained its base price of 30c/L to reflect current market returns. While global milk supply growth is lower than previous years and oil prices have increased, market demand in some regions is being adversely affected by challenges that include lower economic growth, Brexit and trade wars.
"Butter prices have weakened and the market is currently working through the large volume of intervention powder stocks that were purchased late last year. The Board will continue to monitor developments on a monthly basis."