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Glanbia has announced that it will pay milk suppliers a 1c/l top-up on all milk supplied from January to June of 2017.
The Glanbia top-up equates to a payment of €2,500 per farmer, assuming that half of the annual supply gets a top-up for the typical 100-cow herd.
Some 50% of the annual 500,000-litre volume would be produced in the January to June period, for which the top-up applies to.
The top-up has no conditions attached to it and applies to all liquid and manufacturing milk supplies. It will be included in this month’s payment.
Milk volumes allocated to Glanbia’s Fixed Milk Price Schemes will also benefit from the flat 1c/l bonus payment.
Glanbia has never made such a mid-year bonus payment before.
Chair Henry Corbally said: “As a business majority-owned by our farmers, we are always committed to returning the highest possible milk price to our suppliers.
“We are pleased that the business is in a position to make this very significant payment to our farmers for all milk supplied in the first half of this year.”
Meanwhile, the Irish Farmers Journal understands that Centenary Thurles was expected to pay the equivalent of the Glanbia top-up to milk suppliers, when it met on Wednesday night to discuss the matter.
Price rise
On Tuesday, Glanbia also announced that it will pay milk suppliers 33.11c/l for August milk supplies – a 1c/l rise on the July milk price.
Corbally said: “While the short-term outlook remains positive, we note that the current high prices are leading to higher production in key regions and may affect demand when fully passed through the supply chain.”
2018 milk price will be ‘not bad, not great’ – Glanbia boss
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