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Monday, August 10, 2020

Glanbia lowers milk prices for April supplies

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Glanbia has become the first processor to announce its milk price for April, announcing a price decrease from the previous month.

Glanbia will pay its member milk suppliers 28.42c / L, VAT included, for deliveries of April creamery milk at 3.6% fat and 3.3% protein.

Glanbia Ireland (GI) will pay a basic milk price for April of 28c / L, VAT included for cream milk with 3.6% fat and 3.3% protein. This is a reduction of 1c / L compared to the base price in March.

Member farmers will also receive a payment of 0.42c / L, VAT included, from Glanbia Co-op on all milk supplied this month as a “GI profit share”.

The base price of Glanbia Ireland and the share of Glanbia Co-op in GI profits will be adjusted to reflect the actual components of the milk delivered by suppliers.

The actual average price paid by Glanbia for April’s creamery milk, based on the components delivered, will be 31.45 c / L, including payment from the GI profit share, a spokesperson for the transformer.

This reduction in the basic price of milk is due to the negative impact of the Covid-19 pandemic on milk market yields, added the representative.

Glanbia President Martin Keane said: “The dairy markets continue to be affected by Covid-19 and the current yields in our basket of products unfortunately require an adjustment to the price of milk.

The pace of recovery in consumer activity, as well as global trends in milk supply, will be key factors driving the movements in the dairy market in the coming months.

“The board will continue to monitor the situation on an ongoing basis.”

Special dividend payment

Glanbia Co-op’s board of directors has approved the distribution of a 13.5c share per share to all members.

This € 5 million interest distribution was approved at an extraordinary general meeting (SGM) of Glanbia Co-op held on Tuesday April 29 and will be paid to all members registered in the share register on the date of this assembly.

It is planned to complete the transfer of this payment to the bank accounts of eligible members by mid-May, said the cooperative.

Impact of the coronavirus

All of Glanbia Ireland’s milk processing facilities continue to operate at capacity levels scheduled for this time of year, said the processor.

Keane commented on this, noting: “As a company, we continue to take all appropriate measures to meet the challenge of coronaviruses.

“We are deeply grateful for the great commitment of our farm suppliers, our team of transporters and our dedicated staff who all ensure that record volumes of milk are currently very well managed by all links in the supply chain. ”

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