Irish farmers are set to benefit from a positive surge in global trade, which has seen agricultural commodity prices rise by 20% or more.

The fire lit under global trade is translating into rising farmgate prices for beef, lamb, milk and grain.

Beef quotes are running up to 50c/kg ahead of where they were last year as Irish factories chase the coattails of a record-breaking UK price.

Base milk prices for April will average 33c/l excluding VAT, up from 28c/l excluding VAT in 2020, an increase of almost 20% for one of the peak supply months.

Lamb prices are continuing their exceptional performance for the year, with returns to date for sheep farmers over €1.50/kg above 2020 levels.

Prices for both barley and wheat are outperforming the corresponding period last year, with a tonne of grain now worth between 20% and 30% more.