The IFA has said Glanbia’s decision to cut its milk price by 1c per litre, to 24c/l including Vat, is a serious confidence blow to Glanbia suppliers facing into an expensive winter.

Glanbia Co-op moved this week to hold the manufacturing milk price for March supplies at the current 30.5 cent per litre including VAT — despite Glanbia Ingredients Ireland (GII) reducing the base milk price by 1c, to 29.5c. GII cited current weakness in global dairy prices.