Beef Prices Strengthen as Supplies Tighten

IFA Livestock Chair Declan Hanrahan said beef prices have steadied and started to rise as supplies tighten and demand remains strong from our key markets.

Declan Hanrahan said the throughput last week was over 2,800 cattle back on the same week in 2024 with this trend predicted to continue for the remainder of the year.

In the UK, supplies are projected to be back 4% on 2024 and already this is impacting on price.  The UK price remained steady last week at the equivalent of almost €8/kg for R4L steers following a few weeks of price drops, with store cattle prices in UK marts strengthening as feeders anticipate stronger prices in the coming weeks and months.

“The Bord Bia EU prime export benchmark price is also reflecting strengthening prices for beef on the continent with the latest reported price increasing by almost 40c/kg,” he said.

Declan Hanrahan said factories here have had to increase their offerings for cattle to get supplies as farmers pushed back strongly against the lower quotes of recent weeks.

He said the mart trade is also providing a realistic alternative to factories for farmers with cull cows and finished cattle to sell where prices are easily comparable and in some cases above factory prices.

“Farmers should sell hard.  Supplies are tight and will tighten further. Cattle numbers in our key export markets are low and prices have turned a corner in these markets providing the opportunity for factories to increase beef prices,” he concluded.