Special dairy meeting over milk price drop

THE DRAMATIC drop in milk prices is of huge concern for Limerick dairy farmers.

Limerick IFA chairman Sean Lavery said dairy men and women are worried that they will barely cover the cost of production in 2023 as the cost of the three Fs - feed, fuel and fertiliser remains high.

“This was masked somewhat in 2022 by once in a generation record high milk prices. Some farmers may have been lulled into complacency and may now struggle to reset their finances,” said Mr Lavery.

Due to these changed circumstances, Limerick IFA dairy chairman, John Hannon has organised a public meeting on Wednesday, April 26 at 8pm in the Woodlands House Hotel in Adare.

The seminar will have three speakers. Firstly, Liam McCabe, international dairy markets specialist with Bord Bia will present a paper on the outlook for dairy markets for the remainder of 2023.

The second speaker is Philip O'Connor, head of farm supports with IFAC Accountants. Mr O'Connor will speak on financial management in these dramatically changed circumstances. Specifically he will discuss managing cash flows, bank relationships, tax planning after a record year in 2022. Remember tax has to be paid on the record results earned by most farmers last year.

The final speaker is Tim Doody, dairy specialist with Teagasc, who will speak on managing in a time of tightening margins.

Attendees can expect a very informative night of discussion and questions between all three speakers. The meeting will cover external market factors, finance and farm management. This is an opportunity to hear the views of experts in their field