Glanbia Ingredients Ireland (GII) has set a March market price of 20.9c/l excluding VAT for manufacturing milk at 3.6% fat and 3.3% protein. This is a reduction of 2c/l on the February market price and reflects the weakness in dairy market returns.

Glanbia will pay its member suppliers 22.75c/l excluding VAT for March manufacturing milk supplies. This price is inclusive of a 1c/l support payment to its members and the advance distribution by GII of a 1c/l “Additional Cash Bonus” from Ornua. This is 1c/l down on the February price.

Henry Corbally, Glanbia chairman, said that the Board and management of Glanbia is acutely conscious that the current weakness in dairy market returns, as well as the challenging weather, is extremely difficult for milk suppliers.

“Glanbia appreciates the income challenge and is doing all it can to support our farmer suppliers, particularly through Glanbia Co-operative member support payments, our fixed milk price schemes and the recently launched MilkFlex Fund,” he said.

He confirmed that Glanbia Co-operative Society will pay a special dividend worth a total of €10.1m to all society shareholders by early May. For the average milk supplier shareholder to Glanbia, the special dividend of 25c per share will be worth over €1,000.

Lakeland

Earlier today, Lakeland Dairies announced it had cut its March milk price by 1c/l. Other co-ops are set to announce prices in the coming days.

Glanbia cuts base milk price by 2c/l for March

Glanbia, the second coop to cut March milk price, has cuts its base price by 1.85c/l to 20.9c/l, while the price paid to its members has been cut by 1c/l to 22.75c/l.