Last month, Glanbia member suppliers received 25c/L for August supplies, which included a 2c/L Glanbia Co-operative Society support payment.
Glanbia Ingredients Ireland will pay 25c/L, an increase of 2c/L including VAT, for September milk, with a 1c/L of milk price support from Glanbia Co-operative to its members.
Henry Corbally, Glanbia Chairman, welcomed the recent dairy market improvement and said that Glanbia will continue to monitor markets on a monthly basis.
Glanbia and Lakeland are the first two processors to set a milk price this month for September milk and the increase in price comes after yet another rise in the Ornua Purchase Price Index (PPI).
The monthly indicator of market returns on dairy products sold by Ornua rose for a third consecutive time last week with PPI rising to 92.2 points for September.
Ornua’s September PPI is the equivalent of 26.6c/L, VAT inclusive and is based on Ornua’s product purchase mix and assumed costs of 6.5c/L.
For August, the PPI rose to 85.8 points, rising from the July PPI of 81.8 points.