Beef Prices at Odds with Market Conditions – IFA
IFA Livestock chair Declan Hanrahan said attempts by factories to lower quotes for beef cattle are at odds with market conditions. He said UK prices have increased again this past week following tight supplies and a good demand for beef in our key market.
Mr. Hanrahan said that Irish beef accounts for the majority of the 11% increase seen in beef imports to the UK this year.
“As the UK market takes increasing volumes of our beef, there is no justification for the extent of the differential in price, which currently stands at almost 60c/kg.”
He said this divergence in prices is unacceptable and must be stopped.
According to revisions made to predictions on the UK beef supply, a drop off is predicted by the end of the year. This coincides with projections for our supplies to also decrease by 60,000 head between now and the end of the year.
“Farmers should reject the negative and unfounded propaganda coming from factories and their agents. Supplies are tight, demand is strong, and factories are very anxious for cattle,” Mr. Hanrahan said.
Declan Hanrahan highlighted the current shift in the pendulum, with grass growth improving and cattle starting to do well. He says farmers should not be rushed into taking lower quotes.
The IFA Livestock chair said that mart prices are strong for forward store and finished cattle and cows, providing a competitive outlet for farmers.
