Beef price comparison: slip in Irish prices

Looking at Irish beef process compared with the UK, EU and rest of the world for week ending 9 August, there has been a slippage of 4c/kg to 371c/kg for the R3 steer, excluding VAT.

This remains well ahead of the EU average R3 young bull price, which actually strengthened slightly to 354c/kg.

It was a similar picture on R3 heifers, with the Irish price dropping 3c/kg to 375c/kg, although the EU average dropped as well, back 3c/kg to 365c/kg. O3 cow prices remained the same at 297c/kg.

The star performers in Europe continue to be Britain and Northern Ireland, with the price pulling ahead in Britain while Northern Ireland remained steady.

The British R3 steer price was the equivalent of 419c/kg, which is 4c/kg stronger than the previous week, whereas the Northern Irish price was back 1c/kg on the same grade to 413c/kg.

Global prices

Outside of Europe, Australia remains the top performer by a considerable distance, with MSA steers reported at the equivalent of 393c/kg and slow improvement continued in the USA where prices reached the equivalent of 315c/kg.

When converted to euro equivalent, prices in Brazil have fallen further to 224c/kg, but this reflects ongoing weakening of the Brazilian currency rather than any movement in prices paid in Brazil.

There is a feeling that Irish prices have reached a plateau and without a strong EU market, then they are very much dependent on how the UK performs in the coming weeks.

Strong retail performance in UK supermarkets and demand from the North for cattle has provided a strong market outlet for Irish beef in recent weeks.

Export performance to the US has also been improving this year and if sales to China could be reinstated following the BSE suspension it would provide market alternatives.

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