Ireland came in 6th in the latest EU R3 heifer price league table, according to the Livestock and Meat Commission.
It says the ROI the R3 heifer price was 391.0c/kg in the w/e 1 June 2014, up slightly from the 390.2c/kg paid in the w/e 4 May 2014. It was however 5.9c/kg below the EU average price and 13.9c/kg lower than the equivalent price in NI.
The LMC outline that the contraction in beef prices in Ireland, GB and NI in recent weeks while prices in the EU have remained fairly steady has led to a narrowing in the differential between prices in both regions and average EU prices. Table 1 outlines R3 heifer prices in the EU for the week ending 1 June 2014 and the corresponding week in May 2014.
The LMC says in the week ending 1 June 2014 the average R3 heifer price in the EU was 396.9c/kg, unchanged from the 397c/kg in the week ending 4 May 2014. The euro weakened slightly against sterling from €1=82.2p in the week ending 4 May 2014 to €1=81.2p in the week ending 1 June 2014.
In the week ending 4 May 2014 the R3 heifer price in GB was the equivalent of 425.7c/kg which placed it in first position. However a decline by 12c/kg to 413.7c/kg in the week ending 1 June 2014 moved it down into third position on the table. This drop in the GB R3 heifer price while the EU price remained stable narrowed the differential from 28.7c/kg in the w/e 4 May 2014 to 16.8c/kg in the w/e 1 June 2014.
Meanwhile in NI the R3 heifer price in the week ending 1 June 2014 was the equivalent of 404.9c/kg, down 9.7c/kg from 414.5p/kg in the week ending 4 May 2014. This moved it down one position on the EU league table from fourth into fifth place. The NI R3 heifer price was 8.0c/kg higher than the EU average in the w/e 1 June 2014 compared to 17.5c/kg in the w/e 4 May 2014.
The biggest positive mover in the EU league table was Spain which moved from fifth position in the w/e 4 May 2014, with a R3 heifer price of 403.7c/kg, up to first position in the w/e 1 June 2014 with a R3 heifer price of 416.5c/kg. This increase by 12.8c/kg puts the R3 heifer price in Spain 19.6c/kg above the EU average