‘Weather payment’ boost for Waterford farmers as latest milk prices revealed
Glanbia will pay Waterford farmers 28.62 centre per litre for milk supplies last month, the diary giant has confirmed.
In a statement, Glanbia Ireland (GI) said pay a base milk price for May of 28 cpl (including VAT) for creamery milk at 3.6% fat and 3.3% protein. This is unchanged from the April base price.
In addition, the Board of Glanbia Ireland announced it will make a payment of 0.2 cpl (including VAT) on all May milk volumes to reflect “weather-related issues on farms”.
A Glanbia Ireland survey of over 500 milk suppliers found a significant decline in average grass growth rates, with 58% of milk suppliers in the four worst-affected counties currently feeding silage.
Farmers will also receive a 0.42 cpl (including VAT) payment from Glanbia Co-op on all milk supplied this month as their ‘Share of GI Profit’.
The company said the Glanbia Ireland base price, the Share of GI Profit and the weather related payment “will be adjusted to reflect the actual constituents of milk delivered by suppliers”.
It confirmed the actual average price paid by Glanbia for May creamery milk, based on delivered constituents, will be 31.64 cpl.
Glanbia Chairman Martin Keane said: “Markets are delicately balanced at present. There has been a welcome recovery in butter and skim milk powder prices over the last month, albeit from a low base. Global milk supply and demand movements over the coming months will need to be closely monitored as economies gradually re-open.”
Mr Keane acknowledged the “great” efforts being made by farmers in overcoming Covid-19 related challenges.
“Thank you to all of our employees, farmers and contractors who ensured that our facilities and our supply chain operated smoothly through peak. It is a great tribute to all involved that we processed a record 90 million litres per week at peak, despite Covid-related restrictions.”
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