Glanbia, the Irish dairy and sports nutrition firm, announced that it will pay its milk suppliers 32 cents per litre, including VAT for October manufacturing milk supplies.
It will pay at 3.6% butterfat and 3.3% protein.
This October price in unchanged from the September price.
“As highlighted last month, milk suppliers should be aware that there has been a sharp reduction in dairy market returns which is not being reflected in the base milk price. The Board will continue to monitor developments on a monthly basis,” Glanbia chairman Martin Keane said.
Co-ops Failing Suppliers
Tom Phelan, IFA National Dairy Committee Chairman, said on Monday that most co-ops have failed to pass back the full value of the Ornua PPI to farmers since last May.
He said that using the prices reported in the Farmers’ Journal Milk Price League for the main milk purchasing co-ops for May to September, a 350,000l supplier would have been better off by between €414 and €1,957 had he/she been paid the Ornua PPI milk price equivalent for the same period.
“It is clear that co-ops have benefited from major milk volume increases for the August to October period, which they purchased at less than the market was returning to them at the time,” he said.
© 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.