The Food and Drink Industry Ireland reports that for every 1% drop in Sterling against the Euro, food and drink exports from Ireland to the UK will drop by 0.7%.
Coca Cola reported a pre-tax profit fall of 12% on its Irish arm, to €7.14m.
The Food Wise 2025 targets set by the government cannot now be achieved without major environmental consequences according to the EPA (Environmental Protection Agency). The group is calling for policies that would promote ‘the right farming in the right place’. Only one-in-three of the biggest farms in Ireland are economically viable. They advise that Ireland is already having difficulty meeting 2020 and 2030 emission reduction targets and trying to achieve FoodWise 2025 without impacting negatively on the environment will be extremely difficult. Agriculture currently accounts for 98% of all ammonia emissions.
The IFA has claimed that grass-fed cattle supplies are quickly drying up and is pushing for certainty on the UK beef trade. They claim that because the sterling has strengthened and supplies have reduced, a 10c/kg raise for beef farmers could be justified. Cattle are now entering the high demand Christmas period. Joe Healy, President of the IFA wants factories to push for ‘significantly higher prices’ from the British and ‘pass these increases’ back to the Irish farmer. Mr Healy is calling for a strategy to increase live exports of calves to balance supply and demand.
World dairy markets grew to their highest level in 2 years putting pressure on a minimum milk price to rise to 30c/l. Ornua’s PPI readings say the 3rd consecutive month of increases at the start of October, coming in a 92.2. Whole milk powder has grown by €500/t since August, and butter market prices for Europe are up 30% since August.
Teagasc has predicted that beef prices may well fall by 10% for 2017 due to excess numbers of cattle. Kevin Hanrahan of Teagasc also estimated that dairy income for 2017 may hit record prices. The average dairy income he believes may be pushed towards €70,000.
The Farm Contractors of Ireland are pushing for roadside hedges to be maintained all year long, including from March 1 – 31 August where there is a prohibition in place for cutting hedges or ditches due to nesting. Farmers are warning that there is a threat to human safety. Conversation groups however are fighting the proposals saying many birds will be in danger of extinction.
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