IFA Livestock Chairman Brendan Golden said farmers should ignore the negative propaganda from factories and their agents who are intent on trying to undermine the market.
Supplies of cattle for the remainder of the year are predicted by Bord Bia to be back up to 40,000 head compared to last year.
In our main market – the UK – supplies are running below last year’s levels by 5%. This is forecast to continue for the year.
He said GB prices have strengthened consistently since mid-May with EU Young Bull prices also edging upwards, highlighting the demand for beef in our main markets.
Brendan Golden said the latest Prime Irish Composite price is €4.23/kg, compared to the EU Prime Export Benchmark price of €4.06/kg, with the Export Benchmark Price increasing by 3c/kg on the week.
“Factories know supplies will be extremely tight for the year. Demand for Irish beef will be strong and prices must reflect this favourable market situation,” he said.
He said despite lower quotes in some factories, steers are making €4.20/kg with heifers making up to €4.25/kg base prices. Demand for Young Bulls is steady with prices ranging from €4.10 to €4.30/kg for R and U grades. Cow prices are steady. P grades are making up to €3.60/kg in most factories with O grades generally coming in at €3.70/kg and R and U grades making €3.80 to €4.00/kg.
“Grass supplies are good, cattle are performing well and cattle should only be moved as they become fit to ensure farmers keep control of the supply/demand balance,” he said.
