Sterling high makes farmers low
MOST farm products face a bleak short-term outlook with Sterling at a nine-year high against the Deutschmark and adverse green currency movements, reports The Scotsman.
The cereals sector looks particularly hard hit and there could be a drop in intervention barley payments from 3 May. Re-evaluation in the diary industry would bring in a 2.56% cut in butter and skimmed milk powder intervention payments and a 3.15% drop in the Intervention Milk Price Equivalent in time for Milk Marques July selling round.
The sheep and pig sectors are also unhappy. Domestic pig prices are being hit by the high volumes of cheap pork cuts being brought in, especially by caterers who are only interested in price and not quality, according to Grenville Welsh, chief executive of The British Pig Association.
- The Scotsman 24/03/98 page 28