Several Welsh farm groups have given their unanimous support for the Red Meat Benchmarking project, urging all their members to participate in the initiative before the closing date on December 10.

The project, organised by Hybu Cig Cymru – Meat Promotion Wales (HCC), in conjunction with information service Farming Connect, will allow ewe and cattle farmers to learn more about the performance of their farms by submitting data on the financial and physical details of their business.

Farmers will also receive £1,000 in compensation for the time and effort in sending this data.

At the winter fair this week, the National Farmers’ Union of Wales (NFU Cymru), the Farming Union of Wales (FUW), and the Wales Young Farmers’ Club (YFC) all gave their blessings to the project.

The initiative is funded by the Welsh Government’s EU transition fund, and is open to 2,000 eligible businesses, on a first-come, first-serve basis.

The data collected will be used to compile a report for the Welsh Government to inform future agricultural policy.

John Richards, industry development manager with HCC, said: “Benchmarking and knowing our costs of production will be key to understanding how our farm businesses are currently performing and how we can strive to improve our productivity and competitiveness in the future.”

NFU Cymru is encouraging farmers across Wales to participate in the Red Meat Benchmarking Project.

Meanwhile, John Davies, president of NFU Cymru, said: “As we approach Brexit and with market competition looking set to increase, collecting accurate data will play an increasingly important role in the success of farming businesses across Wales.”

The heads of the other organisations also spoke positively of the project, with FUW president Glyn Roberts calling it a “potentially valuable scheme”, with Wales YFC chairman Dafydd Jones adding that it would “enable developments in areas that need improving”.