Input costs and weather conditions are the two biggest challenges currently facing Irish farmers, according to a survey conducted by Bank of Ireland.

The survey, undertaken at the National Ploughing Championships, found that farmers continue to face significant pressure on their businesses.

Cashflow, regulations and compliance, farm gate prices, and labour availability were also highlighted among the key concerns affecting the sector.

Investment

Despite these challenges, more than one-third of farmers report an increased appetite to invest in their farm business over the past 12 months, just under half reporting no change, while fewer than one in five reporting a reduction in their willingness to invest.

The findings come as many farms continue to manage the financial impact of the prolonged dry weather over the summer months, which increased feed costs and created additional pressure on working capital requirements, particularly for livestock farms.

Bank of Ireland's head of agriculture, Eoin Lowry commented: "Our conversations with farmers at the National Ploughing Championships highlighted the significant challenges currently facing the sector.

"As expected, input costs are a huge factor, especially with many livestock farmers being forced to buy supplementary feed and use conserved forage much earlier than usual.

Lowry said he encourages any farmer that is concerned to talk to their bank, so that "we can ensure the farm finances are properly structured and devise a plan that will help overcome the current challenges".

Almost 500 people completed the survey at the Bank of Ireland stand over three days at the Ploughing.

The bank recently launched a discounted working capital loan for agri customers impacted by the recent dry conditions.