Milk price cut reverse ‘vindicates’ IFA

IFA president Padraig Walshe said the decision made yesterday by the Glanbia board to reverse the 1.32c/l (6c/gal) price cut implemented last August by the Plc, and to hold that price until March, vindicated the IFA’s analysis of markets as highlighted by the National Dairy Committee in recent months.

Mr Walshe said: “With a base producer price of 22.58c/l, the milk price paid by Glanbia was significantly out of line with market realities reflected in the November IDB SMP flat butter price of 29.2 c/l — a huge margin of 6c/l (30c/gal). It was crucial for the livelihood of its suppliers Glanbia reversed its August price cut.”