Glanbia will pay its member milk suppliers 30.5c/L including VAT for May manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
Glanbia Ireland (GI) will pay a base milk price for May of 30c/L including VAT, for manufacturing milk at 3.6% fat and 3.3% protein.
The board of Glanbia Co-op has decided to make a support payment to Members of 0.5c/L including VAT for May milk supplies.
The Glanbia Ireland and the Glanbia Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers. The actual average price paid by Glanbia for May manufacturing milk based on actual constituents will be 32.95c/L (including Co-op support payment).
May milk supplies were 10% ahead of the same period in a challenging 2018. This will result in Glanbia milk payments worth in excess of €100 million for the month of May.
Glanbia Chairman Martin Keane said: “Glanbia Ireland has maintained its base price of 30cpl. While protein prices have improved in recent months, the butter market has weakened."
"Demand in many developed economies remains sluggish due to weaker economic growth and trade issues. The board will continue to monitor developments on a monthly basis”. he added.
The May milk payment includes retrospective top-up payments for milk volumes allocated to Fixed Milk Price Scheme (Phase 13).
Meanwhile, Aurivo will hold its milk price at 30.5c/L including VAT for the month of May.
Markets continue to be supply driven with modest demand growth evident.Butter markets, in particular, are weaker as stocks replenish.
The board will closely monitor market returns and pay the maximum return to members in line with prevailing market conditions.
Kerry Group’s base price for May milk supplies remains unchanged at 30.5c/L including VAT.
The board of Lakeland Dairies has agreed to a price of 31.28c/L, including VAT for milk supplied in May. The base price has been held since April.
There continues to be a weakness in the European dairy markets driven by the persistently high volumes of product in stock, particularly in the UK.
Official European butter prices have hit a four-year low in recent weeks.
"We will continue to closely monitor the market in order to extract the strongest prices for our farmers," said a spokesperson for the company.