While beef prices have moved upwards in the last week, there is still “more in the market” for farmers, according to the Irish Farmers’ Association (IFA).
IFA livestock chairperson Brendan Golden said this morning (Friday, December 9) that beef prices have increased a further 10c/kg this week on the back of tight supplies and strong market demand.
He said that base prices for steers are now €4.80/kg to €4.90/kg, while heifers are ranging from €4.85/kg to €4.95/kg, with higher deals available for larger and specialist lots.
Base prices of up to €5.10kg have also been secured at the higher end of the market this week, including deals on haulage and commission in an attempt to secure cattle.
Cow prices have likewise strengthened 10c/kg, with quotes between €4.10/kg and €4.60/kg available depending on the grade. Young bulls are making from €4.80/kg to 5.10/kg.
According to Golden, supplies of suitable finished cattle are extremely tight, with last week’s overall throughput dropping to 36,142 head, a fall of 1,700 from the previous week.
The IFA livestock chair commented: “Prices in our key export markets are favourable and strengthening, creating strong demand for Irish beef in the run up to the lucrative Christmas trade.
“Despite the rising movement in beef prices, the prime Irish composite price continues to lag 34c/kg behind the latest Prime Export Benchmark. Prices must continue to push on to close this gap.”
Golden said factories must maintain this upward trajectory of prices to offset the huge increase in production costs cattle finishers are facing this year, which is estimated to increase by over 29% according to Teagasc.
He said input costs are now at a level that finishers cannot take risks with and factories must come forward with prices that reflect the current situation.
In other IFA-related news, the High Court has approved an order joining the association (IFA), and four of its members, as notice parties to the judicial review of the fifth Nitrates Action Programme (NAP) on foot of a challenge by An Taisce.
The IFA stated that it has been engaging with the courts since September and has now been formally included as a notice party.
IFA president Tim Cullinan said: “The IFA understands how the Nitrates Action Programme impacts our members. We will use our role as notice party to ensure that the concerns of farm families are fully heard in the court.”