Beef Price Edges Upwards

IFA Livestock chair Declan Hanrahan said cattle prices have edged upwards as supplies tighten on the ground. 

He said factories are struggling to source enough cattle to fill orders and are paying 5c/kg to 10c/kg above quotes to tie down deals this week as demand strengthens. 

“The strong demand is also evident at mart sales where competition has intensified between factory agents and live exporters with prices paid for suitable factory fit cattle well above quoted prices,” he said.

Declan Hanrahan said the reality is factories are very anxious for cattle and are sourcing cattle for next day processing and are willing to pay above quotes to secure supplies. 

Bord Bia estimate that cattle throughput between now and year end is expected to reduce by 50,000-60,000 head which will significantly reduce the numbers available to factories in the coming weeks. 

He said live export demand for store and finished cattle from live exporters for NI and international markets is adding important competition to the trade and will further reduce the number of cattle available to factories. 

Prices in our key exports markets – the UK and EU – are strengthening which all points to strong and favourable conditions for beef which must be returned with higher prices.

The IFA Livestock chair said market conditions justify further price increases and it’s important the upward momentum continues.