This week’s factory quotes have seen processors at the lower-end of the beef price scale moving up an additional 5c/kg on steers.
Movement has also been seen in cow quotes, but the prices that procurement staff have quoted this week have likely been paid to regular suppliers already over the past few weeks.
Beef prices are showing all the signs of strengthening against the backdrop of a strong weekly supply of finished cattle, which would indicate a continued increase in market demand for Irish beef.
Conversations with procurement staff in various beef processing plants countrywide would all indicate the demand for beef from the UK is a major factor in the continued strengthening of the cattle trade.
Starting with heifers and €4.40/kg is the general run of quotes this week, with a base of €4.45/kg and a 10c/kg weight bonus available in one Donegal-based processor.
Next up is steers, and €4.35/kg is where most factories are this week on bullock price.
The same Donegal-based processor mentioned above is quoting €4.40/kg for bullocks and is also offering a 10c/kg weight bonus in this category.
Breed bonuses are on offer for Angus and Hereford cattle and the producer group, Certified Irish Angus, is now taking bookings off farmers who wish to avail of its 30c/kg bonus on offer between March and May this year.
Steers had been slower to move up in price than heifers, but this morning’s quotes now affirm that it is taking €4.35/kg upwards on the grid to buy finished steers.
Factory cows are continuing to be a strong trade this week, with €4.05/kg being quoted for R-grade cows and U-grade cows being quoted at €4.15/kg.
O-grade cows are being quoted at €3.85/kg with €3.75/kg being quoted for P-grade cows.
With a strong mart trade for finished and store cows, farmers should negotiate hard before agreeing on a price for cows as the current mart trade would suggest there is room for negotiation on cow quotes.
Looking at under-24 month bulls and procurement staff are opening negotiations at €4.40/kg and €4.30/kg, for U and R-grade bulls respectively, with €4.20/kg and €4.10/kg being quoted for O and P-grade bulls.
Deals are being made for bulls at 10c-15c/kg higher in some beef-processing plants and farmers with bulls to sell this week should bargain hard on price.
Finally, under-16 month bulls are being quoted at €4.30/kg on the grid.
With continued positive signals coming from beef markets, further upward movement on factory beef price could be seen in the coming weeks – or sooner.