Teagasc has forecast that fertiliser prices will be 35% lower in 2024 compared to 2023.

The price of nitrogen declined significantly over the course of this year. However, that decline happened later than the peak purchasing time for fertiliser, thus having more of an impact on 2024 incomes than this year’s, research officer with Teagasc Fiona Thorne explained.

There is also a very slight decrease in feed prices of 1% expected overall in 2024 compared to this year.

“For the first half of 2024, there should be a decrease in feed prices compared to the same period in 2023. Looking forward to the second half of 2024 there should be an increase compared to the same period in 2023 but there is still a lot of production uncertainty surrounding that second half of 2024,” Thorne.

In addition to fertiliser and feed, Teagasc estimates that electricity costs will be down by 10%.