The loss of the Danish farmers the drought deepen, more bankruptcies seen

  • The loss of the Danish farmers the drought deepen, more bankruptcies seen
    FarmIreland.t. E.
    Loss already struggling Danish farmers are likely to be more than previously expected, the lobby industry group said Wednesday, warning it may cause bankruptcy.
    https://www.independent.ie/business/farming/news/world-news/danish-farmers-drought-losses-deepen-more-bankruptcies-seen-37241414.html
    https://www.independent.ie/incoming/article37241411.ece/7a311/AUTOCROP/h342/2018-08-22T090408Z_858990818_RC1950F2B000_RTRMADP_3_AGRICULTURE-DROUGHT-DENMARK.JPG

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Loss already struggling Danish farmers are likely to be more than previously expected, the lobby industry group said Wednesday, warning it may cause bankruptcy.

Denmark, like many other countries in Europe, was shot down by one of the hottest years in history, which have damaged crops and hit farmers ‘ incomes.

The drought, combined with low prices for pork are expected to cause losses in the Danish agricultural sector had not seen since the financial crisis of 2008.

Losses can reach almost 8 billion Danish kroner ($1.23 billion), according to the research Institute SEGES, part of the Danish agriculture and food Council, the lobby group.

Independently, the effects of the drought have seen about 6 billion kroner, he said. In the beginning of the year, SEGES forecast a small profit for the industry.

“No doubt, because of the drought suffered by many farmers that there will be more bankruptcies,” SEGES economist Klaus Kaiser said, refusing to evaluate.

The Danish harvest of wheat, barley and rye may fall by about 40 percent compared to previous years, the lobby group previously forecast.

The industry is already struggling with the Russian ban on food imports imposed in 2014.

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Twenty Danish agricultural companies, said in June about the bankruptcy, more than twice the number during the same period last year. In 2018 until 100 farmers have declared bankruptcy, compared to 130 in 2017.

Pork producers suffer the most, as pork prices are at their lowest level since 2007. In addition, the drought has affected forage production and farmers were forced to buy more expensive food from third parties.

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