After a difficult first few months of 2020, it has turned out to be a good year financially for NI farmers.

Our main livestock enterprises have performed strongly through the autumn, and with Basic Payment Scheme money out on time, and farmers able to avail of some COVID-19 support payments and schemes, there is a surplus of cash on some farms at present.

Closer to home, the UK beef market is in somewhat of a bubble, with prices around 50p/kg ahead of main European competitors

While there is no particular reason to suggest that markets will come under pressure in the new year, we should watch carefully what is happening in China, which is quickly rebuilding its pig herd post African Swine Fever, and driving up prices on international grain markets.

Closer to home, the UK beef market is in somewhat of a bubble, with prices around 50p/kg ahead of main European competitors.

Nervous

Given the prices paid in marts for store cattle, it is understandable that some beef finishers are nervous about the current trade.

But at the same time, the COVID-19 pandemic has created a new appreciation for farmers, and reminded government policymakers of the importance of having a reliable supply of home-produced food.

And it is also fair to say that Brexit has not done farmers in NI any harm as of yet. While there is a tsunami of red tape coming the way of those trading goods from Britain into NI, ultimately it will probably have little impact on farmers who mainly trade in the other direction.

The main Brexit issue for primary producers still remains – once the UK is free to do its own deals, will it trade away access to its food market in return for financial services and other big business? And on that, we do not know the outcome.

Perhaps then, for those who do have surplus cash at present, it might be wise to seek out some financial advice, rather than rushing out to buy the latest piece of kit to keep the 2020-2021 tax bill down.

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