The board has introduced the measure in response to “extreme and unprecedented” inflation in farm inputs.

The six-month pilot change in the timing of milk payments – which will commence with the June milk payment in July – also includes a new early milk payment each month.

Milk payments 

• Commencing this July, the co-op will pay approximately 50% of the payment due to milk suppliers (on the 9th of the month rather than the 18th);
• Once it has set the milk price for the month, the co-op will pay the remaining balance due to milk suppliers by the 25^th of the month;
• It will calculate the early payment value based on the previous month’s announced price. It will adjust it for constituents and any applicable bonus payments. 50% of this net milk value will be paid, less 50% of any applicable deductions;
• It will split any deductions due on milk accounts evenly between the two payment dates. The co-op says this will assist farmers with high levels of deductions;
• The co-op will issue a remittance note for the early payment, while it will issue the monthly milk statement after the final milk payment.

Regular cash flow

According to Glanbia Co-op chairman, John Murphy, dairy market prices are currently at record levels.