The research has pulled together information from a variety of sources in relation to the market for beef in the coming year. With fewer cattle available for slaughter both here and elsewhere, prices to farmers for beef cattle are expected to increase next year. A recent report by Rabobank, a respected leader in Agricultural commodities, suggested that world food prices may reach an all time high in 2013, with meat and dairy prices the main driving forces behind these increases.
DEFA believes that there will be financial benefits to farmers who look at the longer term potential for higher prices and, where possible, retain and rear animals here. Its Agricultural Advisors are available to help farmers cost out the options, taking into account the increased costs of animal feed and the likely state of the market in the near future. In addition, Isle of Man Meats is offering its members short and medium term loans to buy cattle, in order to secure its beef supplies and assist Manx farmers to get increased returns from the market.
DEFA Minister, Phil Gawne said:
'It has been a very hard summer and autumn for Manx farmers this year and it is appreciated that they face increased costs over the winter. However, I do encourage all farmers to look carefully at costings for their farm business as there is clear potential to make a reasonable margin on home finished animals, and these margins could be even better if prices rise in 2013. My staff will do all they can to provide information and help to enable farmers to make decisions which maximise their profits in these circumstances.'
