Glanbia increases October milk price
Glanbia has announced that members suppliers will receive 28c/L, including VAT, for October milk supplies.
This price is inclusive of a 1c/L Glanbia Co-operative Society support payment to its members.
Glanbia Ingredients Ireland (GII) has increased its base price by 2c/L to 27c/L including VAT for manufacturing milk at 3.6% fat and 3.3% protein.
The Board of Glanbia Co-operative Society has decided to pay its members a support payment of 1c/L (including VAT) for October manufacturing and liquid milk supplies.
Henry Corbally, Glanbia Chairman, said that the Board will continue to monitor markets on a monthly basis.
Last week, Lakeland Dairies decided to increase its October milk price by 1c/L, following a meeting of the co-op’s board.
The 1c/L increase brings the October milk price paid to farmer suppliers to 27c/L including VAT, and it follows on from last month’s 1c/L milk price increase.
Last month, the co-op increased its milk price for September supplies to 26c/L.
Earlier this month, the Ornua Purchase Price Index (PPI), the monthly indicator of market returns on dairy products sold by Ornua, increased for the fourth consecutive time this year.
The October the PPI increased to 95.9 points, which is the equivalent of 27.9c/L VAT inclusive, based on Ornua’s product purchase mix and assumed costs of 6.5p/L.
This latest increase reflects higher returns in the month across all main products, according to Ornua.
Compared to the September PPI, the October returns rose by 3.7 points. The PPI has steadily been rising since July, which was the first time it rose in 16 months.