Soaring demand for food boosts outlook for most commodity prices

SOARING global demand for food coupled with supply difficulties in southern hemisphere countries is boosting the outlook for most commodity prices, according to analysis delivered at the Teagasc Agricultural Economics Conference in Portlaoise.

Head of the Teagasc Rural Economy and Development Programme, Dr Cathal O’Donoghue, said: “2010 was a very good year for Irish farmers with output values up for all sectors, and the average family farm income for 2010 is expected to return to 2008 levels, a 40% increase on the 2009 level.

“Food exports have been very strong, with agri-food exports growing faster than other exporting sectors.”