Glanbia Ireland will pay its milk suppliers 32 cent per litre (cpl) including VAT for February manufacturing milk supplies at 3.6 per cent butterfat and 3.3 per cent protein.
This is a reduction of three cent per litre from the January price.
The Glanbia February milk payment will also include a payment of 1cpl to reflect the particularly challenging weather conditions experienced on Glanbia farms. Glanbia Ireland Chairman Henry Corbally said: 'As we have clearly signaled to our farmers in recent months, current market returns are significantly below our farm gate milk price.
'The Board has this month reduced our base manufacturing milk price by 3cpl to 32 cpl to reflect that reality. However, the Board is very conscious of the tough Spring being experienced by our farmers. The Glanbia region bore the brunt of Storm Emma and conditions remain challenging.'
As a result, the Board approved a special support payment of 1cpl which will be paid across all February milk volumes. The Board will continue to monitor market developments on a monthly basis.'
Milk volumes allocated to Glanbia's Fixed Milk Price Schemes will also benefit from the special support payment (as the Scheme prices are currently below the Market Price). On March 3, Glanbia announced that it would pay 20 cent per litre (including VAT) on milk volumes that were lost due to the impact of Storm Emma (in the event that a farm insurance policy does not cover such losses).
Glanbia Group chairman Henry Corbally praised the magnificent efforts made by suppliers, hauliers and staff which ensured that the vast majority of available milk was collected in the days immediately after the Status Red Storm event. Mr Corbally said that a significant number of Glanbia Ireland suppliers qualified for a Seasonality Bonus of 4.25 cpl (including VAT) on all of their February milk supplies.