Irish beef sector benefits from tight supply in export markets
Irish beef is well-positioned to have a perfect second half of the year. Irish Farmers' Association (IFA) Livestock Chairman Brendan Golden said tight supplies and strong farmer resistance have maintained beef prices this week, with some factories forced into increasing quotes to secure numbers. He said factories are paying €4.20/kg base price to get steers this week, with up to €4.25/kg available for heifers despite some lower quotes.
The IFA Livestock Chairman said the supply-demand balance is very much in farmers' favour. With grass supplies good, cattle should only be moved as they become fit.
He said prices in our key export markets – the UK and the EU – are strengthening. UK supplies are predicted to be back by 5% for the remainder of the year, which creates a positive market environment.
Supplies of finished cattle are estimated to be back 40,000 head for the remainder of the year compared to 2020. Factories know this and in a positive export market where reduced volumes of South American beef are available, this places Irish beef in a strong position.
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