A severe shortage of soya has seen up to £18/t added to livestock ration prices, and further hikes are possible before the end of the month.

Belfast-based grain traders W&R Barnett have delayed forward contracts previously agreed with feed mills and buying groups for soya, due to the tight supply.

It has meant local buyers have had to dip into spot markets for soya bean meal. Last month, soya was costing around £410/t delivered on farm but deals over £500/t have been reported this week.

Spot markets have also had to be used to purchase other straights to substitute for soya hulls, which are extremely scarce at present.

One local miller told the Irish Farmers Journal that the unexpected shortage has cost him £90,000.

“It is a cost that will have to be passed on to my customers,” he said.

W&R Barnett have confirmed that the previously agreed contracts will be honoured once deliveries return to normal, but that could take two to three weeks.

The tight supply stems from a three-week strike by workers at the Port of Rosario in Argentina. The strike brought shipments to a standstill and, at its peak, around 160 vessels were reportedly queued for loading.

The dispute was eventually resolved last week, and local grain traders indicate that delayed vessels are due to arrive in Ireland by the end of January.