A massive gap remains between Irish beef prices and that of Ireland’s main beef markets. Bord Bia’s most recent update of its beef market tracker shows the current gap between the prime Irish composite price and the prime export benchmark price at 47 cent/kg.

Not since November 2022 has such a gap been recorded, and this is one of the largest gaps recorded in the last 10 years. The gap between the price of an R3 bullock between here and the UK currently stands at €1.06/kg. R3 beef heifers in France are currently making €5.90/kg.

Meanwhile back home, the beef trade remains on an even keel this week, with factories offering the same quotes as were generally available last week. Bullocks are working off a €5.00-€5.05/kg base price, while heifers are working off a €5.10-€5.15/kg base price.

Foyle meats in Donegal continue to quote €5.10/kg base price on the grid for under 30-month bullocks killing out between 300-400kg. They are also quoting €5.15/kg base price for heifers killing out between 300-400kg.

Prices remain very firm in the UK, with finished cattle continuing to be in short supply in most locations. Consumer demand is also very strong, with some of the major retailers in the UK reporting a lift in sales of beef cuts in recent weeks.

Cows

O+ suckler cows are generally working off €4.50/kg to €4.65/kg, while O grading dairy cows are being bought at €4.30/kg to €4.40/kg, depending where you are.

R grading cows are being quoted at €4.70/kg to €4.80/kg and higher money is available where numbers are involved.

P+3 cows are working off €4.30/kg to €4.40/kg, depending on weight, age and flesh cover.

Well-fleshed U grading cows continue to command a top price of €5/kg and over for young fleshed heavy cows.

Bulls

Under-24-month bulls are still working off a €5.35/kg to €5.40/kg base price for U grading bulls.

R grading bulls are coming in at €5.20/kg to €5.30/kg, while O grading bulls are being bought at €5.00/kg to €5.15/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 €5.10/kg base price.

Last week’s kill came in at 40,897 head, the highest kill so far in 2024. Given the direction that carcase weights are travelling and the increased number of dairy cows slaughtered in 2024, this increased number is having a lot less impact than it would have had in other years.

IFA livestock chairman Declan Hanrahan said “Supplies of beef cattle are not meeting factory demand and are predicted to tighten further over the coming weeks and months.

It is a similar supply situation in most beef producing countries, creating huge opportunity and potential for meaningful and sustained beef price increases.

Farmers with cattle to sell should not be misled by factories or their agents. Prices are surging in our key export markets, supplies are tight and demand is strong.

There is capacity in the marketplace for significant beef price increases, and factories must close the unacceptable price gap of almost 50c/kg with the Bord Bia Prime Export Benchmark Price by returning higher beef prices to farmers”

NI Comment

Base quotes have increased by 4p to 482p/kg (€6.12/kg inc VAT) for prime U-3 animals at NI plants with price deals on par to last week.

That keeps steers and heifers moving at 496p to 500p/kg (€6.29/kg to €6.34/kg) with higher prices reserved for specialist finishers on a weekly kill arrangement.

Young bulls are steady at 490p/kg (€6.20/kg) with cows a solid trade as good quality sucklers make 380p to 410p/kg (€4.83 to €5.21/kg).