IFA says beef prices are rising with factories paying 5-10c over quotes

Tighter cattle numbers available to meat processors has seen beef prices rise this week, according to the IFA.

It says on the back of this factories are paying paying 5-10c over their quotes.

According to Bord Bia the beef trade has edged upwards in recent days on the back of robust demand with some tightening in supplies.

It also says trade across our key export markets remains stable.

The majority of steers were being purchased at a base price of around €4.10/kg on the Quality Payment System while heifers were being purchased on average at a base of €4.15/kg with selected lots achieving higher prices.

These prices exclude bonuses payable on QA animals. Prices paid for O grade cull cows are generally making between €3.45/kg to €3.60/kg.

The latest cattle supplies at export meat plants for the week ending March 14 stood at around 31,000 head which was 5% behind supplies for the same week last year. Cumulative supplies for the year to date are down marginally on supplies for the corresponding period last year at over 340,000 head.

In Britain, Bord Bia says reported beef prices from the AHDB have firmed with GB R4L grade steers averaging at Stg 366.2 pence/kg dw (equivalent to 505.93 c/kg) for the week ended March 21. Trade was reported as continuing to remain stable with the strength of the Sterling having an impact on the beef trade.

In France, Bord Bia says the market remains steady with promotions this week centred on steak cuts and diced beef. In Italy, some rise in demand was reported with some increase in prices.