Glanbia is the first dairy processor to announce cuts in its September milk price – with a cut of 2.5c/L. The move means its September milk price is 30.5c/L down 2.5c/L from its August milk price of 33c/L.
Glanbia Society is proposing a patronage bonus which will offset the impact of the price adjustment and was communicated to its suppliers on Friday.
The move is expected to be the first of cuts across the dairy sector for September milk. It comes after Glanbia cut its August milk price by 2c/L to 33c/L. Last month, it explained that due to market conditions, Glanbia Ireland Ingredients Limited had reduced its August manufacturing milk price by 2cpl to 33.0 cpl incl vat.
However, it said that it would release 2c/L from Milk Price Stability Fund to offset the price cut for August.
Further rounds of cuts are expected by other milk processors in the coming days.
