The board of Glanbia Co-operative Society has decided to pay members who have signed a Milk Supply Agreement a bonus of 1.5c/l, including VAT, for July manufacturing and liquid milk supplies, bringing the base price to 26.5c/l.

The drop in price is said to reflect ongoing weakness in global dairy markets, but the support payment by the board of Glanbia Co-operative Society is to help the profitability of farmer suppliers due to the serious effect of the current weak market price.

Glanbia Co-operative Society has made very significant support payments to members in the year to date: March (1c/l); April (2c/l); May (3c/l); June (1c/l) and July (1.5c/l).

Suppliers to GII who are not currently members of the society will be entitled to all 2015 support payments on a retrospective basis, provided they avail of an opportunity to join the society this year. The application process for eligible milk suppliers begins in the coming weeks.

Lakeland Dairies was the first co-op to announce a cut for its July milk price on Thursday, when it agreed to cut its base farmgate price for July by 1c/l to 27c/l, including VAT.