Ornua published its first revised Purchasing Price Index (PPI) this week for July at 101.7 units. This result confirms the upward trend on dairy commodities. Last month the Ornua board agreed to separate out the Kerrygold bonus from the PPI and increase the assumed processing cost. The Kerrygold bonus will now be paid monthly to member co-ops.
Ornua published its first revised Purchasing Price Index (PPI) this week for July at 101.7 units. This result confirms the upward trend on dairy commodities.
Last month the Ornua board agreed to separate out the Kerrygold bonus from the PPI and increase the assumed processing cost. The Kerrygold bonus will now be paid monthly to member co-ops.
For July, Ornua said it was €3.2m. To convert the Ornua index into the equivalent price in cent per litre it works out at 27.8c/l.
However, when we convert and include the monthly Kerrygold premium it brings the co-op comparable price to an estimated 28.7c/l excluding VAT.
Glanbia July milk price
Glanbia was first to meet to set July milk price this week and it announced that it will be holding its base milk price at 28.6c/l, excluding VAT, at 3.6% fat and 3.3% protein.
In related news Glanbia plc recorded a sharp fall in profits for the first half of the 2020 financial year.
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Glanbia holds July milk price
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