Beef Price Edges Upwards, But More Needed

IFA Livestock Chair Declan Hanrahan said beef prices are edging upwards, but more is needed from the market.

UK prices have also increased again in the past week and are currently over €1/kg above our price.

Declan Hanrahan said the gap in beef prices with our key markets is not acceptable and must be closed immediately.

“Demand for beef is strong and will only increase further as supplies in the UK and EU are tight, contributing to the higher prices in these destinations,” he said.

Base prices of €5.10kg and €5.15kg for steers and heifers are available this week and when pushed factories are paying 5c/kg to 10c/kg above quotes to secure supplies. Cow prices have also increased with prices now ranging from €4.40kg to €5.00kg depending on the grade.

He said prices paid by factory agents in marts are frequently above what some factories are offering and is a credible alternative for farmers unable to secure the higher factory prices.

“The market justifies further increases in beef prices and factories must close the gap with the Bord Bia prime export benchmark price and align prices based on the strength of our key markets we are exporting into,” he concluded.