Glanbia has set its milk price for February 2022 supplies, becoming the second processor to do so.
Earlier this evening (Friday, March 11th, 2022), a spokesperson confirmed that it has increased its milk price to 45.08c/L (including VAT) for February 2022 creamery milk supplies at 3.6% butterfat and 3.3% protein.
The statement outlined that the overall Glanbia price of 45.08c/L for member milk suppliers includes;
- A base milk price for February of 41.58c/L (including VAT). This is an increase of 1.5c/L from the January base price of 40.08c/L (including VAT);
- An unconditional seasonality bonus of 3c/L (including VAT) on qualifying milk volumes supplied in February;
- A sustainability action payment of 0.5c/L (including VAT) on all milk members supply in 2022 to recognise specific sustainability actions undertaken on-farm.
The processor confirmed that it would adjust the base price, seasonality bonus and sustainability action payment to reflect the actual constituents of milk suppliers deliver.
Glanbia February 2022 milk price
The spokesperson said:
“The Glanbia milk price for February creamery milk, based on LTO constituents of 4.2% butterfat and 3.4% protein, is 49.0c/L.”
“The 3c/L seasonality bonus is paid on all milk supplied in February, including non-contracted volumes from liquid and autumn-calving scheme suppliers.”
Inflation and global supply chain challenges
Glanbia Ireland chairman, John Murphy said that dairy market prices are currently at “historic highs”.
He noted that demand is “strong” due to curtailed milk supply globally.
“With unprecedented inflation and global supply chain challenges, our commercial, logistics and agri teams are all working closely with our suppliers and our customers in this dynamic situation.”
“The board notes the emerging concerns at European level regarding food security. We will continue to monitor developments closely,” Murphy concluded.
Lakeland Dairies sets February milk price
Earlier this afternoon, Lakeland Dairies announced an increase in milk price for February.
The processor has increased its milk price by 2.5 cent/litre to pay 43.5 cent/litre.