Beef factories continue to try and apply pressure to the trade this week, with most factories dropping base prices for bullocks back to €4.95/kg.
There are some factories still paying €5.00/kg base price on bullocks when pressure is applied, or where numbers are involved.
Heifers have also taken a hit, with most factories now on €5.00/kg base price for heifers. Reports on the ground are that prime cattle supplies continue to tighten, with supplies becoming strained in the next few weeks.
Grass cattle continue to come slowly into the market, with lower grass growth in 2024 delaying finish on some farms.
Cows
Good-quality suckler cows are still in demand, with a possible softening in demand for parlour cows emanating from factories this week.
U-grading suckler cows are in demand though, with some factories continuing to pay as high as €5.10/kg this week for well-fleshed, heavy cows. R-grading cows are generally working off €4.70-€4.80/kg this week.
O+ suckler cows are generally working off €4.40/kg to €4.60/kg, while O-grading dairy cows are being bought at €4.30/kg to €4.35/kg in the main.
P+3 cows are working off €4.10/kg to €4.20/kg, depending on weight, age and flesh. The mart trade is still a good option for farmers with smaller numbers of cows, with agents still very active for heavy well-fleshed cows.
Bulls
Under-24-month bulls are still working off a €5.25/kg to €5.30/kg base price for U grading bulls. R-grading bulls are coming in at €5.20/kg to €5.25/kg, while O-grading bulls are being bought at €5.00/kg to €5.10/kg.
P-grading bulls are working off €5.00/kg, depending on weight and flesh cover. Under-16-month bulls are generally working off a €5.00/kg to €5.05/kg base price.
Last week’s kill came in at 32,331 head, a drop of over 300 head on the previous week. The cow kill continues to contract down, almost 800 on the previous week and the second week in a row that we have seen a drop off in the cow kill.
The increased number of cows coming on stream in June and early July was playing into factory hands in terms of applying pressure to beef price, and the tightening in numbers should help to stabile prime beef prices further.
The young bull kill also saw a big drop off last week, down over 600 head on the previous week.
There is more positive trade across the water in Britain this week, with quotes seeing a 2-3p improvement across the board on the back of reduced numbers of prime cattle and firm demand in markets.
AHDB is reporting R4L steers up to 481p/kg (€6.05/kg including VAT). Recent exchange rate changes continue have a positive influence for Irish exporters.
IFA livestock chairman Declan Hanrahan said: “Farmers should reject the negative and unfounded propaganda coming from factories and their agents. Supplies are tight, demand is strong, and factories are very anxious for cattle.”
The pendulum has shifted and with grass growth improving and cattle starting to do well, farmers should not be rushed into accepting the lower quotes being put out there. Mart prices are also strong for forward store and finished cattle and cows, providing for a real competitive outlet for farmers.
Northern Ireland
Supplies of finished cattle remain limited in NI, keeping a firm floor under the trade. Quotes remain on 460p/kg (€5.77/kg inc. VAT) for U-3 animals, but steers and heifers are moving well ahead of this.
Deals of 484p (€6.07/kg) are available on steers with heifers on 486p (€6.10/kg) for in-spec animals, with young bulls on 478p/kg (€6/kg). Cull cows are a solid trade with deals of 370p to 400p/kg (€4.64 to €5.02/kg) on offer.