Will the US market have any impact on Irish beef prices?
This week Minister Simon Coveney is in the US promoting Irish beef to the US market but will it make a difference what Irish farmers get paid for beef?
The US beef market has re-opened to Irish and European meat for the first time since the 1997 BSE crisis.
Prior to the trip Minister Coveney stated that Irish beef exports to the US could be worth up to €100 million.
Bord Bia has spent the last two years conducting extensive research into US consumer perceptions of Irish beef, according to Karen Coyle of Bord Bia.
She said that when it was explained to the US consumer the features and the values of Irish beef they were absolutely open to paying a premium for our product.
Already, Larry Goodman’s ABP Group has announced a deal with US marketing and distribution company Sysco for Irish beef. A spokesperson for the ABP Group stated that the deal could be worth up to €15 million per annum.
The US is Ireland’s fifth largest food and beverage export market. Provisional CSO figures suggest that Irish food and drink exports to the US are estimated at €531 million. This represents an increase of 7% from 2013.
But, will this have any impact on the price Irish beef farmers get for cattle?
Let us know what you think.