BoI Agriculture Insights launched last month
According to Eoin Lowry, head of agriculture at Bank of Ireland, 2024 looks set to see improved profit levels for Irish farmers compared to 2023, mainly due to a reduction in fertiliser and feed costs.
Eoin Lowry.
However, lower farm-gate prices, inflation across other farm inputs and environmental compliance costs, will put pressure on farm margins. Many farmers who invested in machinery or farm buildings in the past two years are now seeing some pressure on cashflow. Eoin suggests in BoI’s agri-economics outlook publication that farmers who find themselves in that position, should apply to refinance co-op or merchant debt or seek additional working capital.