Teagasc: Farm incomes to fall during year

Farm incomes in 2016 will be driven down by falling commodity prices, the drop in the value of sterling and some unfavourable production conditions, Teagasc economists have predicted.

In their newly published mid-year economic assessment of farm income prospects for 2016, Teagasc’s economists say an oversupply in global dairy markets has led to a collapse in dairy commodity prices over the last 18 months.

The depressed dairy market has led to increased cow culling across the EU, boosting the EU’s supply of beef. EU beef prices have been lower as a result.