Factories trying to dampen expectation on beef prices shows no regard for beef farmers who have made substantial investments in finishing cattle over the winter period and is unacceptable, Irish Farmers' Association (IFA) livestock chair Declan Hanrahan has said.
Factories moved to apply pressure to the trade this week, with quotes unchanged on last week.
Hanrahan said beef farmers should not be misled by these “unjustified attempts” and said farmers should dig in and sell hard.
Export markets
Hanrahan said market conditions are favourable in our key export markets for beef.
He said the British beef price continues to increase week on week and is now 60c/kg above our price, while across the EU, prices continue in a steady upward trajectory, creating strong demand for Irish beef and ensuring the Bord Bia prime export benchmark price is rising faster than Irish beef prices.
Hanrahan added that the facts of the market are very much at odds with the negative messages coming from some factories and their agents on beef price.
Projections for the year are for increased demand for beef in the UK market, with consumption levels predicted to grow, providing further opportunities for Irish beef to continue to build on the increased volumes which went to this key market in 2023.
Based on Bord Bia projections, there will be over 30,000 fewer finished cattle available to factories in the coming months and with strong growth projected in live exports, this deficit could grow.
Factories are anxious for cattle, have important customers to service and must reflect the reality of the market conditions in Ireland’s key beef markets, the IFA said.
Hanrahan said prices up to 10c/kg above quotes are available from factories to secure cattle, despite the negative talk.
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