Following a meeting of the Board of Dairygold today, the co-op has confirmed that it is holding its May 2016 milk price.
Dairygold suppliers will receive 22c/L, including VAT, for May milk. Dairygold’s 0.5c/L quality bonus, will bring the May milk price to 22.5c/L.
It is the only co-op to hold the milk price, so far, this month after Arrabawn, Kerry, Glanbia and Lakeland Dairies all cut the May milk price earlier this week.
Arrabawn Co-op has cut its May milk price by 1c/L however, a spokesperson for the co-op said that it will use a market support of 1c/L to hold the milk price.
With this 1c/L support, the May milk base price for Arrabawn supplies stands at 23.68c/L, including VAT.
Kerry co-op cut its milk price for May supplies of milk by 1c/L, bringing the milk price to 22.5c/L, while Lakeland Dairies also cut its milk price by 0.5c/L for May supplies, bringing the price for the month to 24c/L including VAT.
Meanwhile, Glanbia is to pay its member suppliers a base price of 20c/L for May manufacturing milk supplies, but will top this up with a bonus payment of 2c/L from Glanbia Co-op and 1c/L from GII.
Including these bonuses, member suppliers will receive 23c/L for May milk, including VAT, for manufacturing milk at 3.6% fat and 3.3% protein.
Henry Corbally, Glanbia Chairman, said that it appreciates the income challenge caused by the extreme weakness in the global dairy market.
“We are doing all we can to support our farmer suppliers, through both GII and the Society.”
