Despite the news of Russia launching a ‘full-scale invasion’ of Ukraine yesterday, Thursday, February 24, beef prices in Ireland have continued to increase.
For the second consecutive week, beef processors have increased quotes midweek in an effort to secure supplies of cattle.
Essentially, beef price has increased four times in the past two weeks.
While some processors will finish this week on Friday, February 25, out at Monday’s quotes, others are having to increase quotes to secure supplies.
The latest rise in quotes puts a price of €4.60/kg on the grid for bullocks and €4.65/kg for heifers.
Foyle Meats, Co. Donegal, is out in front on price offering its usual 10c/kg weight bonus on eligible cattle.
Meanwhile, other processors are following 5-10c/kg behind but in some cases, are agreeing deals on par with the above in order to secure cattle.
The latest rise in quotes also sees Angus breed bonuses increased to 30c/kg in some processors, leaving an ‘all in’ price of €5.15/kg available for R- and R= grade in-spec Angus heifers at the higher-end of the scale as of today, Friday.
Commenting on the current trade, one factory agent remarked: “The whole thing has gone mad. It’s just crazy [the cattle trade] at the moment.”
Looking at cow price currently and a flat price of €4.00/kg is on offer for P-grade cows with a carcass weight of between 300-400kg on the higher end of the scale.
€4.10, €4.30 and €4.40/kg is on offer for heavy O, R and U-grade cows fitting the same specifications mentioned above.
Looking at under-24 month bulls and €4.55/kg is on offer for R-grade bulls, with €4.65/kg on offer for U-grading bulls at the higher end of the scale.
A 10c/kg weight bonus is available in this category also for bulls with a carcass weight of between 320kg and 400kg at Foyle Meats.