The Glanbia milk price for member suppliers has increased to 45.08c/L (including VAT) for February creamery milk supplies at 3.6% butterfat and 3.3% protein.

This overall price comprises:

The base price, seasonality bonus, and sustainability action payment will be adjusted to reflect the actual constituents of milk delivered by suppliers, according to Glanbia.

The company said its price for February creamery milk, based standard European constituents of 4.2% butterfat and 3.4% protein, is 49c/L.

The 3c/L seasonality bonus is paid on all milk supplied in February, including non-contracted volumes from Liquid and Autumn Calving Scheme suppliers.

Glanbia Ireland chairman, John Murphy said:

“Dairy market prices are currently at historic highs and demand is strong due to curtailed milk supply globally.

"The board notes the emerging concerns at European level regarding food security and will continue to closely monitor developments.”

Earlier today, Lakeland Dairies announced its milk price for February.

In the Republic of Ireland (RoI), it increased its milk price by 2.5c/L to pay 43.5c/L inclusive of lactose bonus and VAT, for milk at 3.6% fat and 3.3% protein.

On average, the Lakeland Dairies pay out in ROI will be over 47.19c/L for February milk, according to the company.

In Northern Ireland, Lakeland Dairies has increased its milk price by 2p/L to 34.7p/L.

On average, Lakeland Dairies will pay out over 36.75p/L for February milk in Northern Ireland, including adjustments for constituents and quality and volume bonuses.

Lakeland has said that dairy markets maintained a positive balance between supply and demand, with a moderation in supplies from other main dairy producing regions.

All dairy markets are good however on-farm and factory processing costs have increased significantly with Lakeland Dairies adding that it will continue to monitor market developments.