Strong supplies continuing to impact beef trade
The beef trade continues to be underpinned by strong supply and pressure on prices.
This is according to Bord Bia’s latest market update which also notes that the trade remained mixed across our key export markets last week.
Bord Bia report that prices quoted for steers and heifers averaged at a base price of around €3.80/kg on the Quality Payment System, with select lots making around €3.85/kg. These prices exclude the €0.12/kg bonus which is payable on in-spec QA animals. Prices paid for O grade cull cows were generally ranging between €2.95 to €3.10/kg.
Cattle supplies at export meat plants for the week ending 7th June stood at around 29,000 head, which was almost 14% higher than the equivalent week in 2013. Cumulative supplies for the year to-date are running at around 87,000 head or almost 14% above the figures for the corresponding period last year. Cumulative supply of heifers continue to be up by around 19% on the corresponding period last year with steers and young bulls 15% and 13% higher respectively.
In Britain, Bord Bia report that cattle prices from the AHDB have decreased with GB R4L grade steers averaging at Stg 344.4 pence/kg dw (equivalent to 428.4 cent/kg dw) for the week ended 7th June. Trade showed some uplift with fine weather generating greater demand for steak cuts in particular. Promotional activity is planned in the coming weeks which may help the market.
It also outlined that on the Continent little change in trade was reported across main markets however some promotional activity is expected to help the trade.