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Tuesday 20 November 2018

Glanbia announces 'highest' grain prices in six years

A farmer watches as grain is harvested. REUTERS/Henning Bagger/Scanpix/File Photo
A farmer watches as grain is harvested. REUTERS/Henning Bagger/Scanpix/File Photo
Ciaran Moran

Ciaran Moran

Glanbia Ireland, has confirmed its harvest 2018 grain pricing.

Green barley and wheat delivered by Members to Glanbia Ireland drying locations during harvest 2018 will be paid a total of €205 per tonne.

This price includes an extra €2 per tonne Co-op bonus to all Members, which was approved by the Co-op Board today.

This is in addition to the 2018 Glanbia Co-op Grain Trading Bonus Scheme under which Members can achieve a bonus of up to €10 per tonne based on their level of qualifying inputs purchased.

The 2018 green barley price for Glanbia Co-op Members of €205 compares to €147 per tonne paid to Members for the 2017 harvest.

It said the prices for 2018 are the highest in six years, and quality was generally very good across all crops.

However, the challenging weather resulted in winter crops generally yielding between 0.3 and 0.8 tonnes per acre below the five-year average.

Spring yields were down by 1.0 to 1.5 tonnes per acre on the five-year average. Glanbia farmers managed to fill all of our premium contracts, which account for over 40pc of the total intake.

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As announced in October 2017, all Glanbia Ireland prices quoted this harvest are inclusive of a €3 per tonne allowance for delivery to a drying location. Higher allowances are paid for growers located greater than 15kms from those relevant intakes.

Glanbia said its grain strategy for a number of years has been to move as much grain as possible out of commodity markets and into premium niche categories.

Glanbia Chairman Martin Keane said over 40pc of the company's total grain intake now attracts a market premium above the base price.

"These premiums deliver significant benefits to our growers and we understand that Glanbia has a higher proportion of its grain in premium contracts than other grain purchasers in the country.

For example, across all contracts, the weighted average price paid for barley to Glanbia Co-op members this harvest is €225 per tonne (including transport allowance, premiums and Trading Bonus),” he said.

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