Irish dairy farm income halved in 2016

Teagasc economists say the average sized Irish dairy farm could see its income halved in 2016, and high cost dairy farms will be loss-making.

Although dairy farmers are on course to increase Irish milk production by 7% in 2016, profitability will fall by 60%-80% compared to 2015.

The grim profits forecast came even as prices increased by 6.6% on Tuesday in the Global Dairy Trade auction, and European spot market milk prices also offered evidence of dairy market recovery.