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Glanbia milk price edges towards 30c/litre

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Glanbia Ireland has increased its base milk price.

Glanbia Ireland has increased its base milk price.

Glanbia Ireland has increased its base milk price.

Glanbia Ireland will pay its member milk suppliers a base milk price of 29.68c/L for June.

This is a 1.68c/L base price increase from May, which included a 0.20c/L weather-related payment.Farmer members will also receive a 0.42c/L payment from Glanbia co-op on all milk supplied this month as their ‘Share of GI Profit’.

This brings the total Glanbia milk price for June to 30.10c/L (inc. VAT) for creamery milk at 3.6pc fat and 3.3pc protein.

Glanbia Chairman Martin Keane said dairy markets had strengthened in recent weeks, helped by the e-opening of some food service outlets.

“However, given the weak economic data and high rates of coronavirus in many key importing regions, the short and medium term market direction remains uncertain.”

He added that “as the largest milk supply month of the year, our June milk payment will deliver over €120m to rural communities.”

Meanwhile, Lakeland Dairies has announced it is paying 30c/l for June milk supplies, an increase of 1c/l on May.

In the Republic of Ireland, a base price of 30c/litre (including VAT) will be paid for milk supplied in June. This represents a price increase of 1c/l on the May price.

In Northern Ireland, a base price of 24.25p/l will be paid for June milk. This is an increase of 1.25p/l on the May price.

Commenting on the price, Lakeland Dairies said following the collapse in the global markets, particularly in the foodservice sector, as a result of the outbreak of the COVID-19 global pandemic, an element of stability has returned in recent weeks.

"Lakeland Dairies is in a position to pass on improved returns directly to our 3,200 farm families.

“While sentiment has improved, there continues to be significant market uncertainty around issues such as a second wave of COVID-19, what the shape of a trade deal between the EU and the UK will look like, increasing milk supply in Europe and currency fluctuations. Any one of these issues has the potential to cause disruption to the dairy markets," it said.

Online Editors