Martin Keane from Errill, outside Portlaoise, Co Laois, the new chairman of Kilkenny based Glanbia Plc
Glanbia will pay its member milk suppliers 29.5 cent per litre (cpl) including VAT for July manufacturing milk supplies.
Glanbia Ireland (GI) will pay a base milk price for July of 29 cpl including VAT, for manufacturing milk at 3.6% fat and 3.3% protein. This is a reduction of 1 cpl from the June base price.
The Board of Glanbia Co-op has decided to continue to make a support payment to Members of 0.5 cpl including VAT for July milk supplies.
The Glanbia Ireland price 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 July manufacturing milk, based on delivered constituents, will be 32.97 cpl (including Co-op support payment).
Glanbia Chairman Martin Keane said: “Glanbia Ireland’s milk price for July has been adjusted due to weaker dairy market returns, particularly for butter.
"While milk production in key regions such as the US and the EU is at lower levels than last year, demand for some dairy products is subdued in a number of markets.
"The Board will continue to monitor developments on a monthly basis. Suppliers should note that current milk prices do not fully reflect the weaker dairy market."