Glanbia has become the first processor to announce its milk price for October supplies today (Monday, November 12).
The processor has revealed that it will pay its milk suppliers 32c/L including VAT for October manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
This is unchanged from the September price.
Commenting, Glanbia chairman Martin Keane said: “As highlighted last month, milk suppliers should be aware that there has been a sharp reduction in dairy market returns which has not been reflected in the base milk price to date.
“The board will continue to monitor developments on a monthly basis,” the chairman added.
Intervention SMP Halved
Half of the skimmed milk powder (SMP) bought into public stock since 2015 – some 190,000t out of 380,000t – has been put back into the market, according to the European Commission for Agriculture.
The latest EU price report for the dairy market published by the Milk Market Observatory this week shows improvements in prices both for milk and skimmed milk powder, reflecting the careful handling of the stocks by the commission.