Situation and Outlook for Irish Agriculture - September 2022
In December 2021 Teagasc published its annual Situation and Outlook for 2022. The Russian Federation’s illegal invasion of Ukraine in February 2022, set in train a range of inflationary effects and required a revision of the agricultural outlook for 2022, which was then published in April. This outlook assesses the situation for 2022 as a whole based on data available at the end of August 2022.
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The war continues to have significant economic consequences globally, with Europe being one of the regions most affected. Ukraine is a major grains and oilseeds exporter. Similarly, Russia has a significant presence in grain and oilseed export markets. The reduced supply of grains and oilseeds on world markets has led to a sharp increase in international grain and oilseed prices. Fossil fuel prices have also risen sharply, while fertiliser prices, which were already on the rise, have now reached levels never previously experienced.
In agriculture, production costs have increased substantially in 2022. However, output prices have also increased to varying degrees across commodity markets. This outlook assesses the situation for 2022 as a whole based on data available at the end of August 2022. It should be noted that important changes in the level of input use that have occurred are more difficult to determine accurately since some quantity data is not reported as frequently as price data. Therefore some assumptions have had to be made about the volume of input use in particular systems.
In this publication the likely outcome for 2022 is summarised. For each commodity sector, an assessment of production, consumption, output price, input market price developments and income is made with each given either a positive, neutral or negative ranking in terms of situation and outlook.