Glanbia has announced that it will pay its Member milk suppliers 32cpl, including VAT, for September manufacturing milk supplies.
This is an unchanged price from the August price paid to Members.
“In a year that has been extremely challenging from a weather perspective, September conditions were ideal for milk production,” Said Martin Keane, Glanbia chairman.
“Our milk supply for the month was very strong compared to the same month last year. Favourable weather and supplementary feeding have also boosted milk constituents, resulting in an actual average payment for milk this month of 38.35 cent per litre.”
Keane highlighted that this surge in milk supply has coincided with “a very strong start” to the New Zealand milk production season, with a cumulative 15% drop in the GDT price index since June resulting in reduced forecast milk prices.
“It should also be noted that there has been a rapid decline in European butter markets, with Dutch Dairy Board reported prices down from €6,100 per tonne in June to €4,700 per tonne this week,” Keane added.
The chairman concluded, saying that Glanbia will continue to monitor developments closely on a monthly basis.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.