Feed grain costs could fall 30% within a year
IFA president Padraig Walshe, Teagasc tillage expert Jim O’Mahony, and top nutritionist Gerry Giggins of Keenan Rumans, will take part in a discussion chaired by RTÉ broadcaster Damian O’Reilly.
Farmers from Kansas to India are preparing to plant the world’s largest wheat crop in 10 years, holding out hope for food processors and livestock farmers of relief next year, following this year’s 78% rise in global grain prices.
Industry analysts predicted this week that wheat prices will fall 30% within a year. However, short term wheat future prices rose again this week, due to strong global demand and a warning that drought will cut Australia’s next wheat harvest by more than one third, to only 12 million tonnes.
IFA says grain growers here are benefiting from prices of €245 and €260 for dried barley and wheat — although only €183 and €200 respectively were offered last week by Dairygold Co-op, for barley and wheat at 20% moisture, excluding VAT. On the other hand, food processors and livestock farmers face a difficult period of expensive raw materials.
As a result, consumers are already paying more for bread, and have been warned to expect higher prices this winter for eggs and for the Christmas turkey, because high grain prices have forced poultry farmers to cut back.
