Welcome to this quarter’s Farming Update, which is produced by our Farming Research Group and reports on market and administrative issues that affect farmers’ business decisions and on which they may need to act.
At the time of writing in mid-February grain and oilseed markets have been gradually improving for three weeks due to several factors including the weakening sterling and the uncertainty surrounding the war in Ukraine. Although prices remain well below the market highs of almost twelve months ago, UK ex-farm prices do appear to be feeling some positive effects of a reinvigorated world market. Further good news came from the fertiliser markets with nitrogen prices continuing to fall.
UK beef production is expected to grow by 0.6% in 2023, yet recent analysis has indicated that the Scottish beef herd size has decreased
in the last year (2022). The outlook indicates consumer spending is likely to be lower due to the cost of living crisis. Milk prices have reduced for the first time in almost 2 years.
In farm business news, Defra has announced an increase in the payments on offer under the Countryside Stewardship Scheme (CSS) and Sustainable Farming Incentive (SFI); something which has been welcomed by the industry.
Read the full Farming Update for more detail on:
- Global grain markets
- UK arable markets overview,
- UK livestock markets
- Fertiliser and fuel
- Policy and regulation
- Dates for your diary