The decision last week by Dairy Industry Ireland (DII) to introduce a second base on which milk price is reported has put co-op boards in the firing line. Questions are being asked if it is co-op management or boards that are calling the shots on milk price and how it is reported.
While some co-ops have decided to postpone announcing milk price at higher protein and fat levels, Glanbia has pushed ahead with the move. In an announcement on Friday, which saw the processor remove a 0.4c/l bonus, Glanbia Ireland reported a milk price of 35.1c/l (inc VAT) at 3.3% protein and 3.6% butter fat. Alongside this, it reported a price of 38.32c/l (inc VAT) based on LTO constituents of 3.4% protein and 4.2% butterfat.