This news comes in the wake of this week's intensification of a retail price war centred on a number of staple food item.
"The supermarkets must invest their own money in cut price consumer offers, and not make the supply chain pay for a new wave of discounts on food products," Graham Furey told Farming Life.
He added: "There has been growing concern across Europe about the power of the supermarkets and now MEP's want to do something about it.
"More than 400 MEP's have signed a petition calling for action against the power of the supermarkets. We will be in Brussels to make a presentation to the Parliament on how we believe a fair and sustainable way forward can be achieved for supermarkets and the farmers who supply them.
"The latest price war among retailers is devaluing key products such as milk at a time when producers costs are going up and up. If this continues it will pose a real threat to farm businesses, unless we get assurances from the supermarkets that they will fund the consumer offers from their own resources".
In the past week both Tesco, Sainsbury and Asda have introduced new cut price liquid milk products, with Asda claiming to be selling milk at 2001 prices. The UFU points out that this is at odds with a five pence per litre rise in production costs for farmers in the past year.
"Supermarket price cuts are a worrying development for producers across all our commodities, who have seen their costs rise to record levels," stressed the Union President.
"We are currently engaged in a series of supermarket meetings. We are asking them directly for assurances that farmers will not now, or at some stage in the future, be asked to pay for these cut price food offers".
Commenting on this issue an ASDA spokesperson told Farming Life that the supermarket is offering two litres of milk for 90p this weekend (15th-17th August) as part of a wider series of promotions in its ongoing bid to help customers cut the cost of the weekly shop at the time of the month they need it most.
"ASDA is committed to giving their customers the lowest prices possible, however not at the expense of their suppliers and as always, customers can cash in on the offers safe in the knowledge that ASDA is footing the bill and costs will not be passed on to suppliers.
"ASDA works with over 100 suppliers across the island of Ireland and approximately one pound in every £5 spent at ASDA is on local products. ASDA is committed to maintaining and strengthening these relationships," the spokesperson concluded.