Beef prices: “Signs of increased optimism on factory quotes”
There are signs of further optimism regarding the price of beef paid by Irish meat factories, according to Bord Bia’s weekly livestock trade and prices update.
Market demand remains strong for most cuts of beef carcasses and demand is expected to increase as the Christmas season approaches.
Factory quotes currently arrive at a base price of € 4.20 / kg for steers, with € 0.05 / kg more paid for heifers, according to Bord Bia.
The demand for better quality and fuller cows remains strong and, in general, quotes vary between 3.45 € and 3.55 € / kg for P-quality cows, at prices between 3.70 € and 3,80 € / kg for good quality O- cows. quality cows, while up to € 3.95 / kg are paid for R-quality cows, according to Bord Bia.
The average prices paid for premium cattle for the week ending October 10, 2021, as recorded by the Ministry of Agriculture, Food and Marine, were € 4.18 / kg for R3 quality steers and 4.22 € / kg for R3 quality heifers.
These prices have not changed since the previous week. Note that these prices exclude VAT but would include any bonuses such as for breed based producer groups.
The Irish R3 steer price is 56c / kg higher – or 15% more than the corresponding week in 2021.
To date in 2021, the average price paid for Irish R3 steers was 4.03 € / kg (excluding VAT). i.e. 11% more than the same period in 2020.
In Europe, the average prices of young R3 bulls remain at 4.06 € / kg excluding VAT.
Irish R3 steers exceeded this figure of 12c / kg. Meanwhile, the UK average R3 price has remained strong at € 4.85 / kg.
Weaning prices for the week ending October 2, 2021 were 11% or 23c / kg higher than the corresponding week in 2020.
The 2021 average R3 weaning price is 6% higher than the 2020 average price for the first 39 weeks of the year.
The weaning prices in Ireland are lower than the French and Spanish prices by 26c / kg and 7c / kg.
The average EU weaning price is slightly higher at € 2.71 / kg.
The current strength of Irish cattle prices among world prices is evident as Ireland comes just behind Australian and UK steer prices. Meanwhile, Australia has seen a sharp increase in the price of R3 steers.