Glanbia cuts milk price amid global downturn

Glanbia has cut its milk price for June reflecting what it described as the current weakness in global dairy markets.

It said yesterday it will pay its member suppliers 28c per litre including Vat for June milk.

This price is inclusive of 1 cent per litre from the 2013 Milk Price Stability Fund which will be paid to all suppliers and a 1 cent per litre Glanbia Co-Operative Society support payment to its members. It said Glanbia Ingredients Ireland has reduced the market milk price for June by 1.5 cent per litre to 26 cent per litre.