Strong supplies continue to keep pressure on beef prices

The beef trade continues to be underpinned by a strong supply and pressure on prices. This is according to Bord Bia’s market update where its notes that trade was mixed across our key export markets.

Bord Bia says latest prices quoted for steers averaged at a base price of around €3.85/kg on the Quality Payment System. Heifers continued to trade at a base of around €3.90/kg. These prices exclude the €0.12/kg bonus which is payable on in-spec QA animals. Prices paid for O grade cull cows were generally ranging between €2.95 to €3.10/kg.

Department of Agriculture figures show that cattle supplies at export meat plants for the week ending May 31 stood at around 32,000 head, which was almost 20% higher than the equivalent week in 2013. Cumulative supplies for the year to-date are running at around 83,000 head or almost 14% above the figures for the corresponding period last year. Cumulative supply of heifers is up by around 19% on the corresponding period last year with steers and young bulls over 10% higher.

In Britain, Bord Bia says reported cattle prices from the AHDB have decreased with GB R4L grade steers averaging at Stg. 345.5 pence/kg dw (equivalent to 426.4 cent/kg dw) for the week ended 31st May. Trade showed some uplift for fresh VL’s, with increases in demand for steak cuts and some improvement in round cuts reported.

It also said that latest reports suggest that there has been little change in trade across main markets on the Continent. In France the R3 young bull was €3.74/kg and the O3 cow was €3.43/kg. In Italy the R3 young bull was €3.84/kg and the O3 cow was €2.80/kg.

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