Co-op increases milk price by 2.5c/L

Glanbia Co-op has become the latest supplier to announce its price for July 2022 milk supplies.

This evening (August 18^th), it confirmed that it will pay suppliers a total of 57.58c/L (including VAT) at 3.6% butterfat and 3.3% protein.

This is an increase of 2.5c/L on the previous month’s milk price.

The price comprises the following:

• Glanbia base milk price for July of 51.08c/L (including VAT), an increase of 1.5c/L on June;
• An agri-input support payment of 6c/L on all milk supplied in July, including volumes in fixed milk price schemes. This is an increase of 1c/L
• It is paying a sustainability action payment of 0.5c/L (including VAT) on all milk supplied in 2022 to recognise specific sustainability actions being undertaken on-farm.

It will adjust the base price, sustainability action payment and agri-input support Payment to reflect the actual constituents of milk suppliers have delivered.

The Glanbia total price for July creamery milk, based on LTO constituents of 4.2% butterfat and 3.4% protein, is 62.43 (including VAT).

This includes the sustainability action payment and agri-input support payment.

The milk payment for July includes an allocation of funds from the Milk & Grain Price Provision announced by Glanbia Co-op on April 1^st, 2022.

Glanbia milk price

Glanbia Co-op chairman, John Murphy, said: “The ongoing weakness in global milk flows is sustaining dairy product pricing at historical highs. European prices remain at a premium to global trade.”

“The board will continue to monitor the situation on an ongoing basis,” the spokesperson added.

Twice-monthly milk payments

The six-month pilot change to the timing of milk payments is continuing. As part of its new twice-monthly payment model, it will make a payment for July milk to milk suppliers early in August.

It will pay the remaining balance on Thursday, August 25th, with milk statements due to be available online on that date.

Sustainability Action Payment

Glanbia Co-op chairman John Murphy advised milk suppliers of the importance of declaring their sustainability actions on Glanbia Connect to ensure they continue to receive their Sustainability Action Payment in 2023.

He explained that the Sustainability Action Payment declaration portal has gone live on Glanbia Connect.

“Suppliers should log on to their Glanbia Connect account in the coming weeks and select their seven sustainability actions undertaken on-farm this year to ensure they continue to receive the valuable payment next year.”

“The payment is worth 0.5c/L (including VAT) to all suppliers. This year the full payment is being made in recognition of the current on-farm actions,” he concluded.

See more milk price announcements.