On 22nd May, Teagasc (Ireland’s Agriculture and Food Development Authority) released preliminary results from its 2017 National Farm Survey. Average family farm income is estimated at €31,374, a 32% increase on the previous year. Dairy incomes are up 65% primarily due to increased milk prices which averaged 27.9 cents/litre in 2016 and 36.9 cents/litre in 2017. Incomes from tillage (arable) farms are 20% higher whilst sheep farming incomes rose by 8%.
Beef farming incomes remained virtually unchanged however and is partly a reflection of lower prices during the latter half of 2016 and the first half of 2017 as a stronger Euro (versus Sterling) eroded prices as can be seen in the chart below. This contrasts with the UK (GB) where prices have remained relatively steady in Euro terms (and increased in Sterling terms) which have had a positive influence on incomes.
Source: Bord Bia
Further information on Ireland’s National Farm Survey is available via: https://www.teagasc.ie/media/website/publications/2018/NFS-slides-for-Web.pdf
