Last week, deadweight prices for the majority of R and U grade prime cattle increased in euro terms however, a decrease in the value of the euro against sterling meant a decrease of 2-4p/kg in sterling terms for most grades, according to the LMC.

In Britain, Bord Bia says that average prices for R4L grade steers have eased, making on average 355.0p/kg (equivalent to 494.66c/kg) for the week ended October 31.

It says the trade was slow on the back of sluggish demand. It says Steaks remain slow with demand best for forequarter product and some round cuts which is typical for this time of year.

The favourable euro/Sterling exchange rate has resulted in strong exports of Irish beef into the UK market so far this year.

According to the LMC, the largest majority of EU origin beef imported into the UK is from the Republic of Ireland.

It says during the first eight months of 2015 120,188 tonnes of beef were imported into the UK from Republic, an 8% increase on the corresponding period in 2014 when 110,939 tonnes of beef were imported.

During the first eight months of 2015 76% of EU beef imports to the UK originated in Republic.

Ireland holds seventh place on the EU deadweight cattle prices league table, down from sixth position at the corresponding time last month.

For the week ending October 25, 2015 the average R3 heifer price in Ireland was 393.7c/kg, just 1.3c/kg above the EU average, Livestock and Meat Commission (LMC) figures show.

This latest Irish average heifer price is also back 3.3c/kg from the 397.0c/kg paid in the week ending September 27, 2015.