Last week, beef prices in the Republic of Ireland rose another 5c/kg on the top of significant gains in recent weeks.
However, despite the gains the beef price gap between the Republic and Northern Ireland remains at a high level.
According to the LMC in the Republic last week the R3 steer price increased by the equivalent of 2.8p/kg to 306.1p/kg (412c/kg) while the R3 heifer price increased by 2.5p/kg to the equivalent of 315.4p/kg (425c/kg).
The LMC says this puts the differential with Northern Ireland at 55.9p/kg (74c/kg) for R3 steers or £168 (€226) on a 300kg carcase.
Meanwhile, the differential in R3 heifer prices was 45.8p/kg (60c/kg) or £137 (€184) on a 300kg carcase.
The LMC has said that while prices in the Republic have improved strongly in euro terms in recent weeks, the decrease in the value of euro against a sterling meant prices were almost unchanged in sterling terms.
The LMC has also said that weak euro will help the industry in the Republic maintain a competitive advantage in the UK market.
Latest Factory Quotes
IFA cattle price update:
- Steer base €4.15/kg-€4.20/kg
- Heifers €4.25/kg-€4.30/kg
- Bulls €4.00/kg-€4.15/kg-€4.25/kg
- Cows €3.40/kg-€4.00/kg
Cattle trade steady – Bord Bia
The cattle trade remains steady despite some increase in supplies, according to Bord Bia.
It also says that across our key export markets trade was relatively quiet.
The latest cattle supplies at export meat plants for the week ending February 7 were up 4% on supplies for the same week last year standing at around 32,600 head.
Cumulative supplies for the year to date are in line with supplies for the corresponding period last year.
In Britain, Bord Bia says reported cattle prices from the AHDB have firmed with GB R4L grade steers averaging at Stg 372.2p/kg dw (equivalent to 501.54c/kg dw) for the week ended February 7.
It says trade was reported as being relatively quiet this week across most cuts however an uplift in trade is expected in the coming weeks.