Factory quotes for finished bullocks (steers) have fallen by over 35c/kg in the past 10 weeks and quotes for P-grade cows have fallen by as much as 80c/kg in the same time period.
While Irish beef prices have fallen substantially, a look at the Bord Bia beef market tracker shows the Irish composite price still remains above the export benchmark price.
On Saturday, June 10, the Irish composite beef price was €4.89/kg while the export benchmark price was €4.81/kg, leaving the Irish composite price 8c/kg above the export benchmark price.
Conversations with farmers finishing cattle and factory agents would suggest that most processors are prioritising shed-finished cattle while grass cattle are set to come on stream in larger numbers from July onwards.
The Irish composite beef price has been significantly above the export benchmark price for almost six months now which would affirm what is being said from factory staff that beef markets have been “very challenging” for the most part of this year.
Factory quotes: Heifers and steers
This week, heifers are being quoted at prices ranging from €4.95-5.05/kg on the grid with some outlets opening quotes at €4.90/kg on the grid for heifers.
Steers are being quoted at prices ranging from €4.90-5.00/kg on the grid with some outlets opening quotes at the lower rate of €4.85/kg.
Shed-finished cattle supplies are being prioritised and are still filling a significant part of most processors’ weekly kill sheets. Over the coming few weeks, supplies of grass-finished cattle are expected to form the largest part of the weekly kills at most sites.
Cow price
Cow prices are falling across the board but there is variation of up to 50c/kg in cow quotes between processers.
Price quotes for cows grading U or R appear to be holding firmer than quotes for cows grading O or P.
Cows grading U are being quoted at prices ranging from €4.50-4.70/kg with some of the smaller cow-buying outlets quoting as low as €4.20/kg for U-grade cows this week.
Cows grading an R are being quoted at prices ranging from €4.40-4.60/kg. Cows grading O and P are being quoted at €4.15-4.40/kg and €4.05-4.30/kg respectively.
Bulls
Under-24-month bulls are being quoted at prices ranging from €5.10-€5.20 for U-grade bulls. R-grade bulls are being quoted at €5.00-5.10/kg. Bulls grading an O and P are being quoted at €4.80-4.90 and €4.70-4.80/kg respectively.
Under-16-month bulls are being quoted at €4.90-5.00/kg on the grid.