Beef prices in NI have surged to record highs as processing demand across the UK and Ireland outstrips supply.
According to official market reports for the week ending 23 November, factory prices for U-3 steers averaged 507.2p/kg, with heifers at the same conformation averaging 507.4p/kg. R3 and R4 grades were also over the 500p/kg mark.
There figures are the highest weekly average prices on record for finished cattle in NI and surpass the previous highs recorded back in May 2023.
However, it looks like the trade will kick on further in the weeks ahead.
There are multiple reports of deals now being done at 510p and 512p/kg for in-spec U-3 grading steers and heifers, with higher prices available to regular finishers with greater negotiating power.
In Britain, a growing scarcity of finished cattle has seen prices surging, with the trade in Scotland above 540p/kg for top grades.
In England, similar cattle are making over 530p/kg.
Sources indicate local factories are under pressure to maximise throughput in order to bridge any shortage within supply chains in Britain.
That demand is set to keep a floor under the trade and underpin prices going into next year.
Live trade
The strength of the beef trade is filtering through to marts, where slaughter-fit U-grading-type animals are making close to 300p/kg.
Based on a killout at 58%, that equates to finished prices between 515p and 520p/kg. However, mart managers indicate numbers of finished cattle are extremely limited, as are animals suited to a short intensive finishing period. That scarcity is causing problems for specialist finishers looking to restock sheds.
With intense competition around the rings, prices are on the rise.
Lambs
Factory quotes are also trending upwards for lambs, with demand again exceeding supply.
Official quotes are up 15p to 20p/kg this week at 645p to 650p/kg. However, 660p/kg is freely available to 22kg deadweight, with some deals for bigger numbers to 23kg. At the upper end of the market, 670p/kg has been paid to 22kg.