Farm incomes look set to rebound this year and next as higher incomes are forecast for dairy, beef, sheep and tillage farmers after a nightmarish 2023.

Teagasc’s outlook for 2025 forecasts higher milk, beef and grain prices, while lamb prices are to hold steady.

Input costs should ease slightly as fertiliser is expected to fall another 5% and levels of concentrate feeding return to more typical levels.

Dairy incomes could average €113,000 in 2025 as milk volume recovery is anticipated to coincide with a higher milk price than 2024.

Tight supplies of prime cattle are expected to propel bullock prices to €5.60/kg on average for next year. This will lift finisher incomes to €18,500 and put a floor under the cattle trade to leave the average suckler farmer with an income above €10,000.

Teagasc expects that tillage farmers will see a slight rise in grain prices, but with better yields, to drive their incomes up 40% to average €42,000 next year.

Beef prices

Meanwhile, the beef trade continues to move to new highs with over €6/kg now being paid for in-spec stock. Bullocks are making a base price of €5.40-€5.45/kg while heifers are being sold at €5.50-€5.55/kg base price.

Flat prices as high as €5.60/kg are being paid for Friesian bullocks this week.