Dairy Edge: The National Farm Survey Preliminary Results 2024
Emma Dillon, Economist and Senior Research Officer with the National Farm Survey joins Stuart Childs on this week’s Dairy Edge to discuss the recently published preliminary results for the 2024 survey.
Emma Dillon, Economist and Senior Research Officer with the National Farm Survey joins Stuart Childs on this week’s Dairy Edge to discuss the recently published preliminary results for the 2024 survey.
How the survey works and how a representation is drawn of the dairy farms across the country from the 300 or so dairy farms that supply data to the survey is outlined. Additionally, survey adjustments to ensure it continues to be representative of the farming population is discussed.
Emma discusses the headline figure that gets reported, outlining what has to come out of that for the farmer themselves and that it isn’t the same as the annual take home pay of a salaried employee.
The survey found, that despite a poor start to the production season, dairy farm incomes more than doubled in 2024, rising by 113% to an average of €108,200. The recovery in dairy incomes in 2024 was driven by much improved milk prices and favourable grazing conditions from mid-year onwards which boosted production later in the year.
In addition, input costs, such as feed and fertiliser, eased slightly relative to 2023, as did overhead costs. The strength of the income recovery is a reminder that Irish dairy farm incomes are highly sensitive to milk price movements in successive years, a factor over which dairy farmers have no control.
The increase in production costs and the shift in milk prices that has helped insulate farmers is outlined, while Emma looks at a number of ‘sticky costs’ that all farmers need to be conscious of to reduce their exposure to price volatility in future years.
Finally, Emma talks about structural change that is important for the industry and how this will need to be assisted through funding for generational renewal from the perspective of both the new entrant or young farmer and the older generation that also need security as they step back from their careers in farming.
For full insights, listen to the Dairy Edge podcast below:
The National Farm Survey Preliminary Results 2024 are available to read here (PDF).
A co-production with LastCastMedia.com, more episodes are available on the Dairy Edge podcast show page.