By Provisional estimates of Farm Business Incomes in England for 2013/14 have been released by Defra, with all livestock sector enterprises expected to see an increase on previous years.
Of all farm types, dairy is forecast to see the greatest change in Farm Business Income in 2013/14, primarily due to a 14% increase in milk price as well as a vast improvement in milk production in comparison to the previous year. Average incomes are expected to reach £101,000, almost double 2012/13, due to significantly different conditions in the two years. Despite the vast improvement to average income, which is an expected 17% up on 2011/12, the estimated figure still does not fully compensate for the downfall of income in 2012/13. On average over the past two years (2012 to 2014), the estimated average Farm Business Income is still around £10,000 (12%) lower than 2011/12.
Although production levels in 2013/14 made a significant recovery from the late cold spring of 2013, the negative impact this had on input costs continued further into the milk year, particularly for feed as turnout was delayed and forage stocks were depleted. Defra note that the 2013/14 income figure is subject to a considerable degree of uncertainty as the changes to input costs are difficult to estimate due to the weather conditions earlier in the year.
For more information please find the report here .
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