Falling euro value helps beef prices (Steer base €4.10-4.15/kg)
The fall in the value of the euro against sterling continues to help Irish beef prices, according to the IFA’s latest cattle price update.
It says the change in the exchange rate which has been particularly significant has been overall very positive for the beef sector.
Latest IFA prices:
- Steer base €4.10/kg – €4.15/kg
- Heifers €4.20/kg – €4.30/kg
- Bulls €4.05/kg -€4.25/kg
- Cows €3.30/kg – €4.00/kg
The Livestock and Meat Commission (LMC) in Northern Ireland also cites that the with the value of euro against sterling continuing to come under pressure deadweight cattle prices here last week were generally down in sterling terms despite improvements in the deadweight cattle trade.
The R3 steer price in ROI last week was the equivalent of 305.6p/kg while the R3 heifer price was the equivalent of 315.1p/kg.
This puts the differential in R3 steer and heifer prices between NI and ROI at 62p/kg and 52p/kg respectively, according to the LMC
Bord Bia says the cattle trade has continued to edge upwards on the back of strong demand coupled with steady supplies.
It also says a strong trade was reported in the UK while on the continent trade was relatively steady.
Bord Bia says the latest cattle supplies at export meat plants for the week ending January 17 showed a small increase, standing at around 31,000 head.
This was down slightly compared to the figure for the same week in 2014. Cumulative supplies for the year to date are back 3%. Supplies of prime cattle were back 3% on year previous levels.
In Britain, Bord Bia says reported cattle prices from the AHDB have firmed with GB R4L grade steers averaging at Stg 374.9 pence/kg dw (equivalent to 490.45 cent/kg dw) for the week ended 17 January.
It says the trade was reported as remaining generally strong with fillets doing well in particular, however some weakening in trade for striploins has continued.
In France a steady trade was reported with no significant changes reported.
According to Bord Bia current retail promotions are centred on fillets and steak cuts. In Italy, the post-Christmas decline in demand has been offset somewhat by a small rise in demand on the back of increased volumes sold.