Beef Price Edges Upwards – IFA
IFA Livestock Chair Declan Hanrahan outlined the increase in cattle prices along with tightening supplies on the ground. He highlighted factories struggling to source enough cattle to fill orders paying up to 5/10c per kg above quotes to secure deals as demand strengthens. “The strong demand is also evident at mart sales where competition has intensified between factory agents and live exporters with prices paid for suitable factory fit cattle well above quoted prices,” he said.
Hanrahan said factories are becoming increasingly anxious for cattle and sourcing them for next day processing paying about quotes to ensure the maintenance of supplies.
Bord Bia have estimated that there will be a reduction of cattle throughput of 50,000 – 60,000 heads which will significantly impact the numbers available to factories between now and the end of the year.
The Livestock Chair said demand for store and finished cattle from live exporters for Northern Irish and international markets has created important competition within the trade and will further reduce the numbers of cattle available to factories.
Prices in our UK and EU key export markets are getting stronger, which points to favourable conditions for the beef sector, which must be returned with higher prices. The IFA Livestock Chair said market conditions justify further prices increases and it is important that the upward momentum continues.
