IFA Livestock Chairman Brendan Golden said beef prices have increased a further 5c/kg this week.
He said base prices for steers are ranging from €4.45/kg to €4.55/kg, heifers €4.50/kg to €4.60/kg with higher deals for larger lots of in-spec cattle particularly.
Cow prices have also increased reflecting the strong demand for manufacturing beef, P grades are starting at €3.70/kg with good quality beef bred cows making €4.20/kg. Young Bulls are R/U grades are making €4.40/kg to €4.60/kg.
“Beef prices in our main export markets, the UK and EU, are strong. The increased activity in the UK food service sector is driving demand for processed beef in particular and with reduced production forecasted for the EU, it creates positive market conditions for Irish beef,” Brendan Golden said.
The IFA Livestock Chairman said factories must maintain the upward trajectory of beef prices to offset the enormous cost increases that beef farmers are faced with this year, estimated by Teagasc to be 65c/kg on some farms.
“Farmers should shop around and sell hard as factories actively compete for supplies,” he added.