The Irish beef price has fallen behind the EU average for the first time this year, according to figures recently published by Bord Bia.
The Beef Market Tracker tool – which is updated weekly by Bord Bia – shows that as of the week ending October 23, Irish beef price had fallen behind the EU average.
For the purpose of comparison, the tracker compares average prime male cattle prices in the R3 grade for Ireland, the UK and the EU.
Steer price is used in Ireland and the UK, however young bull price is used in the EU as this is the most common male cattle finishing system on continental Europe.
In the final weeks of autumn, Ireland was third-highest on world beef price – being surpassed only by the UK and Australia, according to Bord Bia’s market research.
However, as of the week ending October 23, the EU average young bull price has surpassed Irish steer price.
The table below indicates where Irish prime male cattle price are compared to the UK and Europe as of week ending Saturday, October 23:
Country Category Price per Kilo UK Steers €4.86/kg Ireland Steers €4.16/kg Europe Young bulls €4.20/kg
As the table above indicates, Irish beef price is now 4c/kg behind the EU and 70c/kg behind the UK beef price.
To put this into perspective, on July 31, Irish beef price was 41c/kg ahead of the EU price and 45c/kg behind the UK price.
The last time EU price surpassed Irish beef price was the week ending April 25, 2020, however it did draw level with Irish price on the week ending February 27, at €3.74/kg this year.
The news comes following this morning’s details that many processors have this week moved to pull cow prices, dropping quotes from anywhere between 5-15c/kg on levels from two weeks ago.
Stay tuned to Agriland for further updates on the cattle trade.