Feed prices over the coming months have the potential to remain stable but will be dependent mostly on currency exchange rates, sources in the animal feed industry suggest.

Plentiful supplies and weakening of grain markets globally have seen feed prices here generally back £25/t to £35/t on this time last year.

However, in recent months, the lower prices have been partially offset by the weakening of sterling as grains are generally traded in euro and protein sources in US dollars. At its most recent peak in June 2015, sterling was at US$1.59 and in July it was €1.44 whereas on Monday of this week sterling was worth US$1.43 and €1.29.

Despite that, there is little expectation for prices to rise ahead of the 2016 harvest, with some stating that there is potential for prices to ease back slightly, perhaps by another £5/t to £10/t. But continued volatility in markets, particularly with ongoing issues such as Brexit, leaves a substantial level of uncertainty.

Across a number of feed compounders, dairy nuts are generally selling for £200 to £210/t (prices vary depending on ingredients) and quotes for high maize beef finishing blends range from £165/t to £175/t.

For sheep farmers, ewe nuts can vary significantly in price depending on ingredients. Quotes for popular nuts are approximately £215/t. Lower quality ewe nuts are currently around £195/t with the top end at £235/t.

Most mills are reporting total tonnage down on last year’s levels. Figures from DARD indicate that total deliveries of all processed animal feedstuffs made by NI feed mills were 204,600t in December 2015, down 5.9% on December 2014. This is the case even though livestock numbers across all sectors were up on previous year levels.