How does the Irish beef price compare with UK and EU returns?
Looking at the Bord Bia Beef Market Tracking tool – which was implemented as a result of the Beef Sector Agreement in September of last year – the Irish prime composite price is ahead of the prime EU benchmark price.
It shows the prime EU benchmark figure at €3.61/kg excluding VAT, while the prime Irish composite price amounts to €3.68/kg excluding VAT – a difference of €0.07/kg.
Comparing this to the equivalent week in 2019, the prime Irish composite price is €0.27/kg or 7.8% higher this year. Back then, the price amounted to €3.41/kg excluding VAT.
If we examine Irish and UK steer prices – and EU young bull prices – we can see that Irish R3 steer prices (excluding VAT) are averaging €3.61/kg, which is ahead of the average EU young bull price of €3.53/kg – again excluding VAT.
However, the UK average steer price is well ahead at €3.93/kg excluding VAT.
If we look at these markets during the most recent week available, the average EU price for young bulls was €3.53/kg, with average Irish R3 steers prices at €3.75/kg, while average UK steer prices sat at €4.11/kg – all prices are exclusive of VAT.
Additionally, Irish R3 steer prices are €0.06/kg behind the equivalent week in 2018 on average.