Glanbia Co-op increases milk payment by 3 cpl to 55.08 cpl for June
Glanbia Co-op will pay its milk suppliers a total of 55.08 cent per litre (cpl) (including VAT) for June milk supplies at 3.6% butterfat and 3.3% protein. This is an increase of 3 cpl on the May milk price.
The price consists of the following:
- Glanbia base milk price for June of 49.58 cpl (including VAT), an increase of 3cpl on May;
- An Agri-Input Support Payment of 5 cpl on all milk supplied in June;
- A Sustainability Action Payment of 0.5 cpl (including VAT) is being paid monthly on all milk supplied in 2022 to recognise specific sustainability actions being undertaken on farm.
The base price, Sustainability Action Payment and Agri-Input Support Payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.
The Glanbia total price for June creamery milk, based on LTO constituents of 4.2% butterfat and 3.4% protein, is 59.73 cpl (including VAT). This includes the Sustainability Action Payment and Agri-Input Support Payment.
Glanbia Co-op Chairman John Murphy said: “European dairy commodity markets remain generally stable, with prices well above historic averages. Global milk flows remain flat which is helping to sustain commodity pricing at record levels. The Board will continue to monitor the situation on an ongoing basis.
Twice-monthly milk payments
The six-month pilot change to the timing of milk payments began with the June milk payment in July. As part of this change, €96 million was paid to milk suppliers around 10 days early under the Co-op’s new twice-monthly payment model.
The remaining balance will be paid to milk suppliers on Monday, 25 July, with milk statements due to be available online on that date. In total, the June milk value will exceed €200 million.
John Murphy took the opportunity to remind farmers to be conscious of farm safety. “During Farm Safety Week, we should all take a moment to stop and think about the way we work on our farms. This is a busy time of year and it is important that we prioritise safety at all times.”
First Published: 18 July 2022