Glanbia milk price unchanged for January

Glanbia Co-op to pay €10.9 million Trading Bonus to members based on 2018 milk supply

Sean Keane

Reporter:

Sean Keane

Email:

sean.keane@kilkennypeople.ie

Errill farmer boss of Glanbia

Martin Keane from Errill, outside  Portlaoise, Co Laois, the new chairman of Kilkenny based Glanbia

Glanbia will pay its member milk suppliers 32 cent per litre (cpl) including VAT for January manufacturing milk supplies at 3.6% butterfat and 3.3% protein. This is unchanged from the December price.

Glanbia Ireland (GI) has maintained its base milk price for January at 30 cpl including VAT, for manufacturing milk at 3.6% fat and 3.3% protein. In addition, Glanbia Ireland will make an interim market payment of 1cpl (including VAT) on all January milk supplies (excluding Fixed Milk Schemes paying above 31cpl). Glanbia Co-op will make a support payment to Members of 1 cpl including VAT.

The Glanbia Ireland payments and the Glanbia Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.

Glanbia Chairman Martin Keane said: “Glanbia Ireland is holding its base price at 30cpl and paying a 1 cent per litre interim market payment as we await developments. Lower supply from key EU regions and a positive GDT has helped market sentiment, but Brexit and global trade tensions continue to create uncertainly around market direction”.

Trading bonus

Glanbia Co-op to pay €10.9 million Trading Bonus to Members based on 2018 milk supply. Glanbia Co-operative Society (“Glanbia Co-op”) has confirmed that a total of €10.9 million will be paid to milk supplier Members of the Co-op this month as part of its 2018 Trading Bonus Scheme. The Milk Supplier Trading Bonus payment will be made to qualifying Members with their January milk payment and is based on 2018 milk supply volumes.

A total of 3,755 Glanbia Co Members will receive an average Milk Supplier Trading Bonus of €2,850. Two-thirds of Trading Bonus recipients qualified for the top rate bonus payment of 0.75 cent per litre (plus VAT) on their 2018 milk supply as they spent over 7 cpl with Glanbia Ireland last year.

In the coming weeks a further €3m in 2018 Trading Bonus Scheme payments will be made to Members with the distribution of the Grain Supplier Trading Bonus and the Feed Trading Bonus. 

Martin Keane said that the Trading Bonus rewards Glanbia Co-op Members for trading with the business that they majority own, Glanbia Ireland. “It is an equitable and transparent means of returning a share of Glanbia Ireland’s profit to active farmers,” he said.