Agri View Spring 2015

The Fisher German Rural Update Spring 2015 fishergerman.co.uk

WELCOME 03 from David Merton

MARKET RESEARCH 04 the rising value of farmland

HARRY’S VIEW 06 insight from Harry Cotterell

RURAL MARKET 08 UK-wide developments

ON THE MARKET 10 rural land and property for sale

MEET THE TEAM 11 introducing key personnel

10

04

06

03

Page 09

The 646-acre Ednaston Estate is just one of the many agricultural sales we handled last year.

WELCOME / 2015

Fisher German Agri View

Welcome Welcome to the first edition of a new Fisher German publication, Agri View ith the general election fast approaching and various pressures on the rural sector we are in challenging times, but there is much going on in the sector and so many opportunities that it also presents an exciting period for us and our clients to revaluate businesses and property holdings and formulate strong plans for the future.

Inside, Fisher German Consultant, Harry Cotterell provides an insightful view of the rural economy and highlights areas for careful consideration to allow those involved to prosper in the current environment. This makes for a fascinating and thought-provoking read.

In addition, we add our own thoughts on the agricultural land market and future values.

A number of our clients and contacts already benefit from our e-newsletter known as ‘Agri-Facts’. This well-regarded monthly update provides vital information for those in the rural economy. More information on content and how to subscribe is available on the back page and I would urge you to sign up; it will provide you with free, topical

W

information to help keep track of such a fast-moving industry.

As a business our innovative and entrepreneurial outlook has added great value to our rural client base and landowners in a variety of sectors throughout the UK. This offering is growing by the day with a substantial increase in work in various parts of the British Isles over the last few years and I am very proud of the huge expansion in our services and office network.

I hope you enjoy our first Agri View and find it of real benefit. If we might be able to help you with any property or business-related advice, do please call me personally, I will be delighted to help you.

DAVID MERTON Head of Rural Sector, Fisher German LLP 07770 333331 david.merton@fishergerman.co.uk

fishergerman.co.uk

03

Fisher German Agri View

A view on the farmland market There is talk of ‘fields of gold’ in the press as farmland value indices highlight prime growth over the past ten years as outstripping prime residential property and the FTSE 100, but what’s the reality?

O

ur research shows that our ‘All UK farmland’ measure has risen in value by over 50% in the past 5 years and over 175% in the past 10 years.

Whilst returns from many types of traditional farming remains low, investors and those new to farming continue to be enticed by rising land values and significant tax breaks. This type of buyer is often bidding for land against farmers eager to expand their businesses and this competition continues to drive the market forward.

Existing farmers are more often than not keen to acquire local land and very hungry for neighbouring land.

The price falls in some agricultural commodities like milk and wheat seems to have done little to dampen their appetites. Whilst there are many investors active in the acquisition market, they are often finding that this strong competition from local landowners frustrates their efforts, although some very good investment deals are happening ‘off market’.

In recent years, predictions that farmland prices would have to stop rising have proved to be wrong and much of this is to do with supply. Not only are most farmers reluctant to sell or keen to acquire more, the finite amount of UK farmland and the growing population fuel the desires of those taking the long-term view. Also, according to Defra, the area of utilised agricultural land in the UK has reduced from 18.1m hectares to 17.2 hectares in the past 20 years. Our long-term

04

view on statistics such as this leads us to believe that a major reversal in value trends is highly unlikely.

There continues to be a very diverse range in values achieved, but due to restricted supply there appears to have been a convergence between values for prime land and poorer quality land, particularly in the past 12 months.

The RICS/RAU Rural Land Market Survey (H2 2014) revealed the following findings: • Bare pasture land price (England and Wales) - £7,256 per acre • Bare arable land price (England and Wales) - £9,189 per acre Our research shows the average value of ‘All UK farmland’ is marginally stronger and just in excess of £7,500 per acre. In practice, most arable land sales we are undertaking are achieving over £10,000 per acre and the average price of prime arable, particularly in the east of England is significantly more and yet again rose by over 10% in 2014.

The volume of farmland across the UK sold in the past three years has been relatively static, albeit that the acreage figures were boosted in 2014 by the sale of the Co-op Farms Portfolio, which extended to almost 38,000 acres.

In 2015 a number of factors may cause variations to farmland supply and prices: • New CAP reforms • Uncertainty regarding the General Election and the future implications for agriculture • Exchange rate and interest rate movements

fishergerman.co.uk

KEY PURCHASERS IN 2014

52 % farmers 23%

existing non-farmers

15%

new non-farmer

10%

corporate

• Taxation changes • Weakened commodity prices • Scottish land and tenancy reform As ever, there will be local variations and numerous other factors may result in fluctuations. We expect 2015 and 2016 supply to be similar to recent years. Well-advised and discerning buyers will be increasingly focused on

MARKET RESEARCH / 2015

50%

RISE IN VALUE OF ‘ALL UK FARMLAND’ IN THE PAST FIVE YEARS

scale, local demand factors and land quality, paying particular attention to physical factors with flood risk high on the agenda in many areas.

The agricultural land market will continue to be dominated by farmers and HNWIs. Many of the most active farmers who have registered with us are looking for entire farms rather than expansion land, having sold existing land for development. Recent years have witnessed extensive areas of farmland released for housing and house builders have paid unprecedented funds to farmers in development land deals who have roll-over sums still available to acquire farms. Farmland bought along the HS2 route has also created a further group of farmers with money for expansion or relocation. There are

numerous investment funds seeking greater exposure but often unwilling to compete for all but the largest blocks based on unexciting yields.

The residential farm market is strong, but most buyers are hampered by frustration at not being able to find a suitable property. Those few farms that do come available with a decent period home, or the ability to construct a new farmhouse of a reasonable square footage, are achieving huge prices in most counties. The strength of the farmland market is often the driving force behind rural estate acquisitions whilst previously the residence at the heart of the estate was the principal motivator for purchasers.

Looking ahead we see continued growth for farmland values but at a slower pace. We predict 6-7% annual

DEMAND FOR FARMLAND

WEIGHTED AVERAGE PRICE OF FARMLAND 11000

NET BALANCE % RISING

60

£ PER ACRE (ENGLAND AND WALES ONLY)

10000

40

8000

20

7000 0 6000 -20

* WHERE RESIDENTIAL VALUE IS ESTIMATED TO BE LESS THAN 50% OF TOTAL VALUE (BASED ON A 4 QUARTER MOVING AVERAGE) ** SERIES STARTED IN 2003

5000

-40 SOURCE: RICS

TRANSACTION BASED MEASURE INCLUDES** RESIDENTIAL COMPONENT OPINION BASED MEASURE - BASE LAND ONLY*

9000

4000

-60

COMMERCIAL RESIDENTIAL

FALLING

-80

3000 2000

1999

2001

2003

2005

2007

2009

2011

2013

1994

fishergerman.co.uk

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

05

SOURCE: RICS/RAU

80

growth for the next 5 years for top quality land and our outlook for ‘all farmland’ is +3% for 2015 and +4% pa through to 2020. Well-located residential farms will continue to attract demand from ‘lifestyle’ buyers and those HNWIs enticed by 4% stamp duty and other tax advantages. Country estates remain in such short supply that the medium-term strength of that market looks certain, except where an ‘unwieldy’ mansion is included, which can restrict demand in certain instances. Sporting credentials or potential can be the saviour of such estates when a sale is in sight.

Whether you are contemplating the sale of a small block of farmland or a major estate sale, strategic planning is the key to producing the very best disposal. We are happy to be called upon for advice years ahead of a sale.

We can then add value now, give you annual updates on a whole host of topics, keep you informed on pricing/ demand and ultimately create the optimum result for you, with less pressure, when the time is right.

Fisher German Agri View

Harry’s view With the pace of change in the rural sector showing no signs of deceleration, business flexibility and innovation are the key to surviving – and thriving – in the current climate

I

f you look back at agriculture and the rural economy over the past 25 years there have been momentous changes, and the pace of change is increasing. Agricultural subsidies have been reduced and decoupled from production, making farmers more market focused. Prices have fallen way behind inflation and this has led to fixed-cost reductions, yet capital values have risen to the extent that there is no longer any relationship between price and return.

The introduction of the Farm Business Tenancy (FBT) has led to a more flexible and innovative landlord and tenant sector. Farms and estates have diversified into renewables, environmental, leisure, property businesses and even retail. If you were to be able to look forward another 25 years, I expect you would see this change has accelerated and many farms and estates will be involved in activities and enterprises that have yet to be dreamt up.

Much of this change has been driven by both Government and European policy. The direction of travel for the Common Agricultural Policy (CAP), led by the UK, is away from direct payments to farmers and towards payments for public goods, but the squeeze on public spending means more will have to be delivered for less money. The renewable sector has become a political football, with repeated policy and priority changes leaving confusion and reluctance to invest in its wake.

In addition, governments are

06

waking up to the fact that property is easier to tax than people and if you add to that the concern that some of the capital tax advantages that agriculture has enjoyed might come under threat, the outlook for farms and estates is pretty uncertain.

All this means that change is in the air.

Profitable production of commodities that are traded globally will become more challenging as developing nations, unhampered by environmental regulation and assisted by technology, step up to the mark. Cereal, oilseed and protein producers will have to accept that they operate in a global market, which will mean price volatility and exposure to exchange-rate fluctuations.

UK agriculture will have to improve performance beyond recognition, with the industry raising standards to those currently achieved by the top 20% as well as seizing any opportunity to turn a profit. The food supply chain, with massive imbalances in favour of the retailer, will offer very little assistance; the consumer, after a long recession, is more price-driven than ever.

There are other, new factors that will come in to play. The carbon market, currently a dysfunctional, mainly illustrative market driven more by regulation than economics, is certain to mature. The rural sector, almost unique in its ability to capture carbon, should benefit, reinvigorating the renewable and forestry sector. Offsetting for environmental degradation, currently an embryonic concept, will become mainstream and will start to provide a significant income for many estates

fishergerman.co.uk

and farms, under the broad heading of environmental markets. The way we work with water, both in terms of use, protection and flood management, will also change beyond recognition. Other opportunities will arise as more land is developed for housing and more infrastructure projects are built, leading to business relocation prospects.

General changes in our living habits will lead to diversification opportunities that have yet to even be invented…

What does all this mean? Firstly, and most obviously, the successful farming or rural business is going to have to improve – it is going to have to do more or produce more for less. Secondly, it must understand what it is doing and make changes based on a well worked out business case. Thirdly, it must utilise capital effectively, prioritise expenditure and control costs – in other words, utilise a financial discipline that is currently rare in the sector. Finally, it must understand and manage risk effectively.

Knowledge has never been more vital. Keeping abreast of changes and reacting fast will be increasingly important and creating effective business plans on the back of it is paramount. In my role with Fisher German, if I can help to raise awareness of what lurks around the corner, I will hopefully fulfil an important role.

The burden weighs heavy!

HARRY COTTERELL OBE Former President of the CLA and Consultant to Fisher German

HARRY’S VIEW / 2015

?

CAPITAL VALUES

AGRI SUBSIDIES & PRICE V INFLATION

“

The successful farming or rural business is going to have to improve – it is going to have to do more or produce more for less fishergerman.co.uk

”

07

Fisher German Agri View

Keeping us busy around the UK...

Our multi-disciplined expertise takes us far and wide as rural surveyors, planners, renewables experts, agents, utility managers and property consultants

F

isher German offers professional services and support in all aspects of land and property management.

For over 180 years, we have been helping our clients grow and progress their land and property interests. We have grown with our clients and we now have a team of over 350 skilled people working from 16 locations across the UK. One of our biggest sectors is the rural market. We manage and consult on over 300 estates and look after over 500,000 acres for our rural and agricultural clients throughout the UK. Our modern approach, working with traditional values, provides our clients with bespoke advice to maximise their own priorities in an ever more complicated rural market. Balancing innovation with traditional land use to improve proďŹ tability represents a constant challenge for our rural farms, estates and corporate clients.

Aberdeenshire

County Durham

Management of 13,000-acre Glenmuick Estate

Purchase and sale of a mixed rural property portfolio extending to 2,504 acres

Co Antrim

Gloucestershire and Anglesey

Providing estate business consultancy advice and lease negotiations for an extension to a limestone quarry

Property consultancy for a power generation company

Isle of Wight

Worcestershire

London and HS2 route

The promotion of a 100-acre development site

Sale of the diverse 562-acre Cattespool Estate, guide price ÂŁ8.4m

Advice to many landowners relating to the rail link development

08

ďŹ shergerman.co.uk

RURAL MARKET / 2015

UKwide

Northumberland

UK management of land and property portfolios for CEMEX

New management of a 1,000-acre estate

Kelso

Derbyshire

Sale of land to Scottish Borders Council for a new high school

Sale of 646-acre Ednaston Estate, guide price £8.8m

Yorkshire

Cheshire

Quarry valuation work

Planning for 1,350,000 sq ft B1, B2 and B8 employment space on 150 acres near Nantwich

Sussex

Leicestershire

Offshore windfarm – planning and acquisition advice for a National Significant Infrastructure Project

Planning for 4,500 houses as part of a sustainable urban extension

fishergerman.co.uk

09

Rural Properties for sale

Sheriff’s Lench, Worcestershire

Doncaster, South Yorkshire

Wormleighton, Warwickshire

• A predominantly arable farm • About 429 acres

• Productive arable and grassland • About 175 acres

• Farmhouse, good buildings and airstrip • About 40 acres

GUIDE PRICE £3,500,000

Kirk Ireton, Derbyshire • Pasture and mature woodland • About 57 acres GUIDE PRICE £395,000

GUIDE PRICE £1,365,000

Just a small selection of rural property we have for sale To register your land acquisition requirements please email farms@fishergerman.co.uk

GUIDE PRICE £1,245,000

Brecon, Powys • Attractive, ring-fenced grazing land • About 192 acres GUIDE PRICE £975,000

Llangollen, Wales

Gotham, Nottinghamshire

High Wycombe, Buckinghamshire

• A beautifully situated smallholding • About 36 acres

• Commercial and amenity woodland • About 78 acres

• Well-located grassland • About 20 acres

GUIDE PRICE £465,000

10

GUIDE PRICE £300,000

fishergerman.co.uk

GUIDE PRICE £275,000

MEET THE TEAM / 2015

Meet the team…

Our 16 offices provide local experts in all these work areas. If you would like guidance on any rural property matters, please contact any of us and we will ensure you get to talk to the very best advisor

Stuart Flint Head of Agency Sector Farms, Estates and Country House Sales 07501 720422

David Merton Head of Rural Sector Estate Management and Strategic Consultancy 07770 333331

stuart.flint@fishergerman.co.uk

david.merton@fishergerman.co.uk

Richard Sanders

Mark Newton

Farm Consultancy 07885 215972

Renewables 07860 514474

richard.sanders @fishergerman.co.uk

mark.newton @fishergerman.co.uk

Holly Richardson-Parry Valuations 07501 720416 holly.richardson-parry @fishergerman.co.uk

Kay Davies

Ben Marshalsay

Planning 07733 124551

Development 07771 974322

kay.davies @fishergerman.co.uk

ben.marshalsay @fishergerman.co.uk

Charles Meynell

John Ikin

General Practice 07836 212307

Compulsory Purchase 07887 627978

charles.meynell @fishergerman.co.uk

john.ikin @fishergerman.co.uk

Richard Benson

William Gagie

Building Consultancy 07768 552827

Minerals 07551 152691

richard.benson @fishergerman.co.uk

william.gagie @fishergerman.co.uk

Agri View is intended to be an informative guide. It should not be relied on as giving all the advice needed to make decisions.

Fisher German LLP has tried to ensure accuracy and cannot accept liability for any errors, facts or opinion. If you no longer wish to receive Agri View or any other Fisher German marketing material, email info@fishergerman.co.uk.

fishergerman.co.uk

11

New RPA

The

Agri-Facts

a month

ly round

Vital information for you every month Richard Sanders Head of Farms Department

Agri-Facts is a summary of important agribusiness information which you can receive free every month from us and includes news, data and comment on a variety of subjects including:

Current commodity prices such as wheat, barley and oilseed rape, futures prices

Current prices for nitrogen and compound fertiliser, red diesel, straw and hay

s co

exce

ntin ued

eds

paym of schRural Pa edule ymen out ent ts targ farmeby 31st . The 20 Agen ets rs an March 14-15 cy (RP A) d 97 RP .

Farm .3% By 28 th A Busin has ex of cla ce Ja ess busin Pla eded DEFR im va nuary ess lue. , the n stated its Sin incomA is pre inco gle RPA (RP A) me had that 97 Paym offset e wa dictin g tha s ent pred paid % of low by in co t far er ch £1.46 claim Sche icte compmmod eaper prices m bu d to billion ants me (SP an are ity pri inputs for mo siness fall to ne d 97 S) paym d DEFR to 20 ce. The in ter st ke incom arly % of en 13. the A is pre 100,0 fund ts tar value ms of y outpu es wil big 00 far value get tw of thefuel an ts inc l fall ac gest dictin year o lud sho g tha me de due Singled fertilis ing ross all uld mo rs – t ce to co creas The equiv have nths ah Paym ers, ho ce rea sector big ntinu e in pro real inc ea ls, mi be ale s for The gest we en ed nt to en pa d lk, t wa ver the ero fit am omes pre grazing drop in s als these eggs 20 98.4% id on sion wil dic o 7% savin and mo14/15 of mi gst ara l fall slig ted livesto expe of . Ho cte low gs lk ck ble htl st meyear. The Gro price d we weve sec er in farme y, bu News tor incom cerie . rea re not ats. The ma r, rs. Da t gro is go es are in l ter The s Cod the avera ing ms great en losses drive iry far wers wit Groc ex du ag pecte ge to be we r for ou m inc h po e to e Ad eri pro ainst Month d to tat a strogh to re som the fal partic es Co fit rem the om Wh judi (ex farm es are oes in de ewha l ilst nger offset cato ain trend be spec ) Adjud the ipatin the Mar 2015 the the s t expe wit poun low refore news g in r str ica at aro h inc ialist pig cte rotation to be Feed d in drop engt would has unfair tra tor (G d to May 2015 2014 gro und reases “indir Whe CA atno been hene fall are ex din ) is to £16,0 in pro wers ec g by t Envir £123/tt sup be pro we wh pra Nov 2015 Feed 11% pecte d 00. be lco Barle d pliers DEFR fit of 6% o are given onm for ces. me cti tec the to fee d, y ted £125 ” an A The Oilse Milk Data for facing Farm en /t ta 2014 l fro/t many ne the d the£110 low edpowe /15 land a fall l ste This ers wit reforem unfai farme w poweRape Novembe r to h /t rule £131 £115 and over 23 war r appliAve. r Mon appli Entry Le and /trs would fine ret Currency 14% dshi /t would trading rs £257 % in th Fuel/Stra vel ailers es gro thly for a fin catioMon pro £120 not pra p pa an £260/t we enab £/€ /t n wil toPrice LFA w/Silage fit. = an 1.32 mo e of 1% ymen be covectice d the farms l ha both d Highe Red diese 85 s. Mors are le the GC ve aw 28.91 new peppl ve £260red l ts t /t by st far no€/£ A to ir suppli an r Level Top Con ayPricer day to be 0.752 me co=ve Big Sq fro the Cro oldy Stewa tract beyo comp dDair rs, inc red 7 fine up ers sho baled GC £/$ ss C46.89 m autom rds = 1.50 unde wheat let erCres uld nd sch t M&S A. to 65 Big bale straw – Varia om p/litre the (TG luding atic the de ed an emes. hip r the 1% of sch ble y be Mon ) hay Date da pl d a em 1 pa thly Ferti ianc £34/tonn Price iry pro Groc firm’s fou ymen adline ret Finished urnliserFarmers es wil e eturno nd ed , risi duce eries 1 st Fe l Pigs t ha 34.5% 36.54ppl key N to to Na will be have to s be ng rs are Code ver. bru £41/tonn p/kg dwt (Bags tural en AN ary date e sen apply consi and UK) £/to req 20%. Re Price En nne t a 3 rd Janu 17:17 ue s Regu dered Finished turns gla :17 ste(Bag ary nd form byfor pa d bys) £/to lation Steers after by the £274 SMR -281ymen Na 20:10:10 139.87 the nne p/kg dwt 10 th Janu 1 15 th tural ts for EU. this wi £317 (Bags) ary the En (NE) Ma £/tonne ll res -326 3 rd Janu Finished ult in y. La gland first tim 139.15 28 th ary 17 th Janu You Lambs in du £267-274 Febru e thi non-pte ret ary p/kg dwt 10 th Janu contecan ap ary 362.00 aymeurns wil e cours s year.

138.28 24 th Janu ary nt ply 3 rd Janu nt for l be sub e. The slu 1 st Ma org ary 363.30 dge) (for ex 17 than arySM tha jec rch Janu ic co Comm Desc 137.37 ary R1 t ye t nditio to gra ample ma 422.10 10 th Janu odities nure ar. to riptio ssla 365.5 , apary The 24 th Janu plica ns are nd slu roundu n The dow and0rry, po with a ary suitab tion p GA 419.4 ult En0d th high 1 st tilla of the17 EC Janu at £122 nward trend March le ge ry ma 354.9 7A high of the .25/t on nuresrea0 se maanary dil d yo land & 7C 31sstof UK whe qu accelera rea th 28 th or liq y avail at feed Ma 0 res u adhe on24 dily antity 423.6nu all Janu You able ary. price farming ted the dec Janurch uid avail . res re to soil typary mu line. Whil The cont GA s has cont businesse able trictio 424.30 es digest nitrog the inuedEC been inuedhedge st not en s are muc st low oil ed less mark nitrog ns for remo quan from 7A val exthrou laying cut he sew price GA prices thi em gh h wide ap of fund tity isEC likely mon pt frothe have beced leaving an th dgero en conte plica restrics date age fertiliser r and less ben2 to bene Yo s from As the tion Janu m com d coof cosom fit arab u mu tions if prices Russian ome pp wsary, of org or with nt. lestfarm themod ntaewhat linke largely eficial. Whil fallen for ng totrees futures not ers inban.itiesicidue Ifstyo sharply econ unaf an omy ct oil d fro prices terms from fecte to crud ic ma u price andw in a bad ww is largeRilych ho hasca of lowe m the st (or the inter e oil price d by 1 Mafallin thi dep g da closing nures r diese first fall.ldWith n shar a wa falleup rate tra ply, price supplies position, with est.fi s – mea rch soil shs have aende nt on forthc rd Sa te, with ter grow dit the effecl costs,un ningpa rt ch the both grain many ergenear the buthas til 30 a fall ab th inional effec a record for 2014Fish ly dou nd not bein t you inarg ts on s andoming bio-dhe crud stra bled. The 1.2 millio Re-15erhave Ge rm dgeb on natural April. ction iesel ca is refle able also bee g finan e ifeyo gister rman anto affo er n tons s effec oil, the Orch n ca cted In UK mark anks u umption, gas has Regu lice the cons . ed n adju is cia nom rd the– 01t of this, coupeco rry ard office a lim sted.c l y hold a in nc lat ets the cost85 e,oilse Fishlarge ite Turkey. too. s are out m thioilseed ed fro led yearcont of inpu 1.7uk twso-p expe rape er Geed

by RIC : 40 Hig d liab 8 41 fro inue millio to falte /rur The HGC mark st s daets. ts for the with expo all n al ct tons, while record art r. The rmshipm levie S of h Stre ility pa ent te.

0200 coming mrt 31 an has tariff toRoub Ma s has left 7.99 millio Athe ad raise -con worl rec le has rtners OSR for et, to incre growing rch dLLP eiv agian Ma year Russ ha estim n tons vice ne hip, . ree farme yo ates for 20 rke ased sultad wheat prod seas ededs trie s has reg t Ha on. Glob me Between output , an incre d uction iste ase rbo bee nt)ers ur annu total dom ncy/ toof to enthe of red al whe booked them has bee rou n for sure al bil in Eng afte the plan both of the maover at gh, estic ke de500,0 the n ac Minor raise fa r cons 00 Lei Ope l UK’s ts have d to a land conc cision cutons ump nfield rm compareceste tionan the abili bioe than racy an temperat erns have d Wa wheat confsirmed the d torsh ty to cons s.ol prod ire LE1of d ca ures have been raise last les. for food meant sale year nnot ume up uctio n 67N Regis d in the . Part been that crop and indu of 25,000t X acities, to 2 milliofacil of the tered arrive. cept Vivergo to strial uses s have slightly warm latest EU MAR n tons Crop in and Cropincre nuase not expe er than of liab to a mb in dem areas whe ility emageS report over aver er: Energies at. are noto areas such for OC and is due as the rienced muc ai frost kill any potential rious for (form 317 h hard l: ,fa errors ally 554 Ensu wint particula Balkan Peni eningrm has occu , fac s). nsula rly hard s@fis rred. Hower kill in EU whe and t or winters. r, Czech Repu may opinio hebe susceptib ever the warmat crop Up to s. n. rger 30 – 40% blic and Germ le to wint Plestase er temp Whil current m winter any eratures er kill do kill is alrea anhave .co.only part should have no t use dy pred uk ial hard hard wea this icted ther email: as in loca wwlisedening and thes farms@f w.fisareas in e isherge herg Russia. rma

up of

news,

n.co.u

k

prices

www.fi

February

and oth

er farmi

ng ma

2015

tters

erm an

sherge

.co. uk

rman.c o.u

k

Commentary on world grain markets Top contract prices for milk

Currency exchange rates A round-up of information on EU agricultural legislation, CAP Reform changes as well as consultations

Dead weight prices for pigs, cattle and lambs Cross Compliance – key dates to assist farmers with adherence to DEFRA and Rural Payments Agency (RPA) regulations

Other topical news items pertinent to farming businesses including capital grants, taxation changes and UK legislation

Keep up to date with the latest in agribusiness.

Email info@fishergerman.co.uk to subscribe

fishergerman.co.uk