The board of Glanbia Co-operative Society has announced the creation of a support package worth €35.6 million for members.

Glanbia Co-op chairman Henry Corbally said the current weak state of global dairy and grain markets makes this a very challenging time for members.

“The board of the society recognises that 2016 looks likely to be a difficult year for our members and has resolved to provide support at this challenging time.”

Members will receive at least €21 million of milk price support, equating to an average of at least 1 cent per litre; a special dividend totalling €10.6 million; a rebate of €7 per tonne on all 2016 feed and fertilizer purchased from Glanbia by members; a €5 per tonne rebate on green grain and s €2 per tonne on dried grain.

The latest support package is in addition to an estimated €30 million support paid to members of Glanbia Co-op last year.