Beef Price Index goes live on Bord Bia website
Bord Bia has launched its new Beef Price Index on its website today, Thursday, November 21, it has emerged.
The index was developed by Bord Bia as one of the terms under the Irish Beef Sector Agreement back in September, following marathon talks by stakeholders on the matter.
The Beef Price Index is comprised of three elements: a cattle price benchmark; a beef by-product index; and a beef price index that will allow comparisons to be drawn with corresponding prices in other international markets.
The ‘Beef Market Tracker’ is now available on the Bord BIa website.
Speaking about the index last week, at a Teagasc beef and sheep seminar, titled ‘Practical Advice for a Challenging Time’, at the Tullamore Court Hotel, Co. Offaly, last Wednesday, November 13, senior manager of the meat and livestock team in Bord Bia Joe Burke spoke in relation to the price index:
“We’ll be looking and publishing data in relation to how markets have been going with regard to the actual paid price, set terms in the retail price and the wholesale price of beef on average across our key markets.
We’ll be publishing cattle prices – a benchmark too, so theoretically if the Irish cattle on average, on a weekly basis for example, were priced according to the markets that we’re selling beef into, and how much better off would Irish farmers be.
“So you’re tracked on the actual price that was paid into theoretically, what the benchmark would be.
“There’s another interesting one too with regard to the offal indicator, so looking at the value of the hide, the fifth quarter as a whole based on some internationally published figures.
“These are all things that farmers are keen to get answers on and to track and to see actual published data. We’ll be making progress on that and putting figures up on our website,” Burke concluded.