Glanbia milk price stays at 25 cent per litre

Glanbia Ingredients Ireland (GII), the country’s biggest milk buyer, has held its October price at an unchanged 24 cent per litre including VAT for manufacturing milk at 3.6% fat and 3.3% protein.

Also unchanged is the 1 cpl bonus Glanbia Co Operative Society support payment to its members who have signed a milk supply agreement, bringing the total price to 25cpl.

The Dutch FrieslandCampina dairy co-operative has lifted its milk price by 0.75 per 100kg to 29.75, citing a stronger dairy market in Germany.

Market analysts warn this could encourage EU milk production, which along with US production, is seen as not reponding fast enough to global dairy market trends, and thus prolonging the global market slump.

This slump was reflected this week prices in the influential GlobalDairyTrade auction dropping for the third auction in a row.

Despite the slump, new figures show that EU export earnings from concentrated milk products have risen to near record levels, and European exporters have also been selling record volumes of butter on world markets.