Glanbia Upsets The Locals
Irish feed giant Glanbia have upset the locals with their on-account purchase prices for this season's grain harvest.
The company said it would pay EUR85/tonne (around £75) for spring barley and EUR91 (around £80.50) for winter barley and wheat based on 20% moisture content, according to the Irish Independent.
Any wheat or barley that could be found at only 15% moisture would qualify for a EUR10/tonne bonus, bringing spring barley up to EUR95/tonne (£84) and winter barley/wheat up to EUR101/tonne (£89.40). Not that there's likely to be too much of that around after another disastrously wet summer, but then again that's hardly Glanbia's fault and neither is the cost of drying or the weight loss involved.
Based on current UK prices, like it or not, those levels look about right.
Irish Eyes Aren't Smiling
It's been another washout summer across much of the Emerald Isle, and Irish farmer's eyes certainly aren't smiling as they struggle to get the harvest in, with livestock farmers facing a serious fodder shortage, according to media reports.
Many farmers have already started feeding their winter feed after heavy and persistent rains have forced them to house stock by night, or in some extreme cases all day and night.
Some have resorted to selling stock to preserve feed supplies, or are already buying in silage at EUR20-30/bale.
Almost a third of farmers don't have adequate stocks of forage for the coming winter, a survey of Teagasc advisers has indicated. The worst-hit areas of the country are northwest Cork, west Limerick, Galway, west Tipperary, Cavan and the north-west they say.
Irish Harvest Deja Vu
It's becoming a case of deja vu for Irish growers it would seem. Most nights when I watch the weather on TV the forecaster trots out something along the lines of "before another wave of rain comes in across Ireland" or something very similar.
A report in the Irish Independent says that whilst things aren't as bad as last year yet, a succession of heavy downpours means that they are getting there.
Yields have been extremely variable they say, especially for spring barley where they range from 2-3MT/acre, with averages around 2.3-2.4MT/acre, around 16% lower than last season.
Winter wheat yields are from 2.8-4.2MT/acre, with an average around 3.5-3.7MT/acre, they say. That's down around 14% on 2008.
Regulators Clear Bank of Ireland Bailout
The European Commission have cleared the Irish government's proposed EUR3.5 billion bailout of the Bank of Ireland.
The Irish government is also set to splash a further EUR3.5 billion in the direction of Ireland's other big bank the Allied Irish Bank, as soon as it gets the green light from EU regulators.
In exchange for the cash Dublin will get a 25% stake in each bank, government officials on the board, caps on executive salaries and the payment of a fixed 8% dividend into the country's pension reserve.
