Glanbia say market is 6 cent off milk prices

GLANBIA has reduced the March manufacturing milk price by 0.55 cent per litre (1.97p per gallon), as world dairy markets remain weak.

Glanbia chairman Tom Corcoran noted there had been no movement in supports from Europe to alleviate the current market difficulties, despite repeated lobbying at Brussels.

He said Glanbia spent more than 10 million in 2002 supporting milk prices. However, as the imbalance between milk price and market returns is now more than 1.3 cent per litre or 6 cent per gallon, this level of support is not sustainable.