Beef Price Gap with Bord Bia Tracker Has to Close

IFA Livestock chair Declan Hanrahan said a gap of 47c/kg has opened up between our beef price and the Bord Bia Prime Export Benchmark price as UK and EU prices surge in recent weeks.

R3 male cattle prices in the UK are now over €1/kg above our price with the EU Young Bull price 20c/kg above ours.  These prices combine to create a differential of 47c/kg which is heading for the biggest gap between our price and the Export Benchmark Price since Bord Bia started compiling the figures.

The IFA Livestock chair said there is no justification for this level of divergence between our beef price and the prices in our key export markets.

“Supplies of beef cattle are not meeting factory demand and are predicted to tighten further over the coming weeks and months where throughput is expected to be back 30,000 head on the same period in 2023,” he said.

Declan Hanrahan said it is a similar supply situation in most beef producing countries, creating huge opportunity and potential for meaningful and sustained beef price increases.

“Farmers with cattle to sell should not be misled by factories or their agents.  Prices are surging in our key export markets, supplies are tight and demand is strong.  There is capacity in the marketplace for significant beef price increases and factories must close the unacceptable price gap of 47c/kg with the Bord Bia Prime Export Benchmark Price by returning higher beef prices to farmers,” he said.