The latest prime export benchmark price of €5.06/kg, is now 27c/kg ahead of the prime Irish composite price of €4.79/kg indicating positive conditions for Irish beef. However, factories are not reflecting the strength of the market in prices paid to farmers.
IFA Livestock Chairman Brendan Golden said supplies of prime cattle are tight and all market indicators bode well for Irish beef.
Beef price update 12 August, 2022
Steer base €4.80/5.00/kg. Heifers €4.85/5.05/kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U €4.70/5.05Kg. Cows €4.40/5.00kg.
Meanwhile, lamb prices have remained steady on the back of tight supplies and strong market demand.
IFA Sheep Chairman Kevin Comiskey said quality fleshed lambs are scarce on the ground and factories are having to compete strongly to secure supplies of suitable finished lamb.
Store and breeding sales are very positive in marts and providing further competition to factories for lambs. Factories are offering deals up to €6.70kg for lambs while prices for ewes are ranging from €3.50 to 3.80kg.
Comiskey said factories must increase prices further to reflect the increased cost of production on sheep farms. He said farmers should avoid selling underweight lambs and sell hard to maximise returns.
Lamb price update 12 August, 2022
Lamb €6.40/6.70/kg. Higher deals groups/larger lots. Ewes €3.40/3.80/kg.