Market conditions are favourable for beef as prices in our key export markets stabilise and in some cases strengthen, according to IFA National Livestock Chair Brendan Golden.
When aligned with the tighter supplies of suitably finished cattle, this is adding to the increased demand from factories for cattle this week (29 July, 2022).
He said to date 997,516 cattle have been processed during 2022, an increase of 89,716 head or 10% from the corresponding period in 2021. Prime cattle throughput has increased by 45,677 head with cow throughput increasing by 34,122 head.
Cattle supplies off grass are expected to remain steady and with cattle throughput operating very strongly in Northern Ireland there is an expected increase in demand for exports of forward store and finished cattle as the year progresses.
He said there is room for stronger beef price returns in the market place with the Irish Prime Composite Price at €4.82/kg, now a full 19c/kg below the Prime Export Benchmark Price of €5.01c/kg.
He said attempts by factories earlier this week to reduce quotes further did not succeed.
Demand for cows is strong, P grades are starting at €4.40/kg, O grades at €4.60/kg with R/U grades making €4.80/kg to €5.00/kg.
Golden said the live export trade has performed well so far in 2022 with cattle exports running 13% ahead of 2021 levels. There were 215,539 cattle exported from Ireland up to the week ending 10 July, 2022. Exports of weanlings are ahead of previous years.