Beef prices are continuing to “edge upwards”, but are not closing the gap with the Prime Export Benchmark price, according to the Irish Farmers’ Association (IFA).
Commenting today (Thursday, April 8) IFA Livestock Committee chairman Brendan Golden said the phased reopening of the food service sector in the UK will increase demand for Irish beef and must translate into higher beef prices.
“The food service sector in the UK is a key outlet for Irish beef and the phased reopening from next Monday is a significant development for beef sales,” he said.
He said prices continue to edge upwards, but are not closing the gap with the Prime Export Benchmark price, which is at 11c/kg.
Continuing, the chairman noted that factories are paying €3.90/kg for steers and €4.00/kg for heifers, with higher deals for larger and specialist lots.
Cows are making from €3.20/kg for P grades and up to €3.70/kg at the top end for good quality R and U grading cows, he added.
The chairman said the key driver in the market place at the moment is the UK as EU R3 Young Bull prices lag behind the current Irish price by 9c/kg.
“The food service sector in the UK is scheduled for full reopening in May,” he said.
“This will increase demand for beef in the coming weeks – and must return meaningful beef price increases,” chairman concluded.
Beef prices at marts
The demand is continuing to be seen at marts with a strong demand for forward beef cattle it seems, at Waterford Ross Mart last Saturday (April 3).
During a special show and sale, factory agents, farmers and northern customers were reportedly battling it out to get their hands on some of the top lots on offer.
Speaking to Agriland this week about the sale, manager Richard Kirwan commented that it was a tremendous day for farmers selling cattle.
He said: “It was just great to see farmers being paid a good price for the quality animals that they brought forward on Saturday.