Market Conditions Justify Further Beef Price Increases – IFA
IFA National Livestock Chair Declan Hanrahan said strong market demand and tight supplies are driving the trade in our key export markets.
He said EU young bull prices continue to strengthen and when combined with the UK price, the Bord Bia Prime export benchmark price has opened a gap of 12c/kg with the Prime Irish composite price.
Volumes of beef exported to the UK have increased by 16% to date and their prices alone are over 80c/kg above our price, clearly highlighting the demand for beef in these key export destinations.
Demand for beef across the EU and UK is very strong, creating favourable conditions for stronger beef prices.
The IFA National Livestock Chair said strong export demand for live cattle will also impact supplies available here to factories. Weanling, store and finished cattle exports are operating over 27% and 37% ahead of 2023 levels, with strong demand predicted to continue for the remainder of the year.
Declan Hanrahan said market conditions justify further beef price increases and factories must offer realistic quotes to suppliers and align prices based on the strength of our key outlets.
