Beef prices have steadied this week as supplies of finished cattle tighten on the ground. IFA Livestock Chairman Brendan Golden said factories are actively sourcing suitable cattle and leaving no stock behind – paying 10-15c/kg above base quotes to close out deals.
Factories are paying €4.80 to 5.00kg for steers and €4.85 to 5.05kg for heifers. Y Bulls are ranging from €4.70 to 5.05kg for R/U grades and cows are making €4.40 to 5.00kg.
He said the Irish prime composite price of €4.82/kg is now 19c/kg below the prime export benchmark of €5.01c/kg and factories must reflect this market situation with stronger beef prices.
What’s more, he said farmers should dig in and sell hard as supplies of prime cattle are well short of market demand.
Meanwhile, IFA Sheep Chairman Kevin Comiskey said supplies of suitable finished lambs are tight on the ground and there was no justification for the cuts imposed by factories this week. Factories are offering deals up to €6.70kg for lambs but are meeting very strong resistance from farmers. Cull ewes are ranging from €3.50 to 3.80kg.
He said Bord Bia predict supplies of imported lamb into the EU market will remain low for the remainder of the year, while EU lamb production is forecast to be back 2%, creating favourable conditions for Irish lamb. Factory agents and wholesalers are very active in marts providing a real competitive alternative, particularly to the lower factory quoted prices. He said lamb numbers are tight, market demand is strong and farmers should only sell lambs as they become fit to maximise returns.