Glanbia will pay its member milk suppliers 28.5c/L including VAT for August manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
Glanbia Ireland (GI) will pay a base milk price for August of 28c/L including VAT, for manufacturing milk at 3.6% fat and 3.3% protein.
This is a reduction of 1c/L from the July base price.
The board of Glanbia Co-op has decided to continue to make a support payment to members of 0.5c/L including VAT for last month’s milk supplies.
The Glanbia Ireland base 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 August manufacturing milk, based on delivered constituents, will be 32.94c?L (including Co-op support payment).
Glanbia chairman Martin Keane said: “Glanbia Ireland’s milk price for August has been adjusted to reflect weaker market returns for some products, including butter.
The rate of growth in global milk production is restrained, but unfortunately the supply demand balance for certain products is weaker.
“The board will continue to monitor developments on a monthly basis.”