Kerry announces a cut to its February milk price
Kerry Group has announced its base price for February milk supplies is 31c/L vat inclusive. Based on average February milk solids, the price return inclusive of vat and bonuses is 35.56c/L, according to a spokesperson for Kerry.
In addition (excluding milk supplied under fixed price contracts) the Group is paying 0.5c/L on milk supplied from May 1, 2018 to end of December 2018 which exceeds our milk contract price commitment.
The Group already paid an additional 1.5c/L on milk supplied from January 1, 2018 to the end of March 2018 and an additional 1c/L on milk supplied in April 2018 excluding milk supplied under fixed price contracts.
Kerry Group paid 32c/L vat inclusive as a base price for January milk supplies.
Earlier this week, Glanbia announced it will pay its milk suppliers 31.5c/L (including VAT) for February manufacturing milk supplies at 3.6pc butterfat and 3.3pc protein, down from the 32c/L it paid for January milk.
According to Glanbia Ireland, it says that in line with current market returns, it maintains its base milk price for February at 30c/L including VAT, for manufacturing milk at 3.6pc fat and 3.3pc protein.
In addition, Glanbia Ireland will make an interim market payment of 1c/L (including VAT) on all February milk supplies (excluding Fixed Milk Price Schemes paying above 31c/L).
For January supplies, Glanbia paid a base price of 30c/L, but it also paid an interim market payment of 1c/L while the co-op boosted the price to 32c/L with a 1c/L support payment to members.