Outcomes Vary Greatly Across Irish Ag Sectors
IRELAND - The overall 7.3% increase in national farm income in 2007 is positive, but the detailed figures on product price trends reflect very different outcomes in different sectors.
10 December 2007
1 minute read
While milk prices and grain prices increased significantly in 2007, arising from strong world commodity prices, beef and pigmeat prices fell this year.
This was stated by IFA President, Padraig Walshe, in a comment on the CSO’s first estimate of agricultural output and income for the year.
He said: “The CSO figures show that cattle prices overall were down by about 3% and pig prices were down 4.5%, while the price of purchased feedingstuffs was 11% higher this year. As a result, income from cattle production is extremely low and totally dependent on the EU single payment, and pig producers are in a loss-making situation in recent months.
“Interest paid on farm borrowings in 2008 is up by over 20%, which is related to the major level of investment currently taking place on Irish farms. If this factor is taken into account, the increase in overall farm income this year is only 4.4%.”
Padraig Walshe added: “The priority for 2008 must be to achieve higher prices for the meat-producing sectors, beef, pigmeat and sheep. It is expected that the impact of higher feed costs globally will have to be reflected in higher market prices for these products in the coming months.”
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