Beef Prices Cannot Lag Behind Strong Market Conditions

IFA Livestock Chairman Brendan Golden said factories are not reflecting the strength of the market in prices paid to farmers.

He said the latest Prime Export Benchmark price is 27c/kg ahead of the Prime Irish composite price, reflecting the strength of the market.

“Prices in the UK and EU have strengthened over the past week and factories must come forward with higher prices that return the full value of the current market,” he said.

He said increasing production costs are now at a level that cattle finishers cannot risk and the sector does not have the capacity to absorb these. Strong beef prices over the coming months are vital to deal with these costs.

“Attempts by some factories to talk down the trade is unjustified and there is up to 10c/kg of a difference between quoted and paid prices this week,” he said.

Brendan Golden said there is no justification for prices lagging 27c/kg behind the Prime Export Benchmark price and weakening prices will not be tolerated by farmers.

The IFA Livestock Chairman said market conditions are favourable. Farmers should reject lower quotes offered by factories and sell hard as cattle become fit.