Glanbia announces details of its new Fixed Milk Price Schemes

Glanbia Ingredients Ireland (GII) has launched two new Fixed Milk Price Schemes, offering milk suppliers the option to protect a portion of their milk supply from the extremes of market price volatility. By Ciaran Moran.
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Phase 8 is a three year Fixed Milk Price Margin Scheme while Phase 9 is a one year Fixed Milk Price Scheme.
Over 1.7 billion litres of Glanbia milk supply has now been contracted through these Schemes.
“These schemes are totally voluntary, but I am delighted that over 2,000 of our farmers now avail of the option to reduce milk price risk on a portion of their milk supply,” Glanbia Chairman Henry Corbally said.
Sean Molloy, Director of Strategy and Supply Development with GII, said that the Schemes had proven very beneficial to participating milk suppliers in 2015 and 2016.
“The average price paid for milk in the Schemes in 2016 was 5.2 cpl above the open market price,” he said.
“We will continue to explore innovative ways to help our milk suppliers and customers cope with market price volatility, which is particularly challenging for family farms.”
Application forms for both Schemes will issue to all GII milk suppliers in early January. Suppliers can apply to participate in one or both Schemes. Any support payment made by Glanbia Co-operative Society to its members will be paid on top of the fixed milk price.
Source: Independent
Link: http://www.independent.ie/business/farming/dairy/glanbia-announces-details-of-its-new-fixed-milk-price-schemes-35297186.html

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