In a statement this evening, the processor said it will pay its member milk suppliers 33.5c/L including VAT for December creamery milk supplies at 3.6% butterfat and 3.3% protein.
The creamery price includes a Late Supply Bonus (LSB) of 2c/L including VAT that will be paid on all high-quality creamery milk supplied in December.
Farmer members will receive a 0.42c/L including VAT payment from Glanbia Co-op on all milk supplied this month as their ‘Share of GI Profit’. The co-op will also pay its members a bonus of 0.4c/L including VAT as an additional support payment.
These payments are made on top of the Glanbia Ireland base price for December of 30.68 c/L including VAT for creamery milk at 3.6% fat and 3.3% protein. The base price increased by 0.5c/L compared with the previous month.
The Glanbia Ireland base price, Late Supply Bonus and co-op payments will all be adjusted to reflect the actual constituents of milk delivered by suppliers, the processor says.
The actual average price paid by Glanbia for December creamery milk, based on delivered constituents, will be approximately 41c/L, a spokesperson added.
The Late Supply Bonus is a seasonality payment for creamery milk suppliers towards flattening the milk supply curve. Liquid Milk contract holders and Autumn Calving Scheme participants receive their specific bonus payments, while the Late Supply Bonus is confined to creamery suppliers.
Commenting, Glanbia Ireland chairman John Murphy said:
Overall, dairy markets are generally stable and the new EU-UK Trade & Cooperation Agreement is a positive development for the future EU-UK relationship.
“We will continue to monitor the impact of Covid-19 restrictions and Brexit-related customs arrangements closely over the coming months.”