20 Nov 2019
NEW BEEF PRICE INDEX SHOWS IRISH FARMERS ARE DUE AN INCREASECattle
IFA President Joe Healy said that the new beef price indices published by Bord Bia show that the beef market is improving and that farmers must get an immediate price increase.
The new data includes a number of elements including an index for the retail and wholesale value of beef in our main export markets and an offal index. It also compares Irish beef prices with a new ‘European benchmark price for prime cattle’ based on a weighted average of cattle prices in our main export markets.
“There is a clear gap of 17c/kg between the new European (prime export benchmark) price and Irish prices, which has opened up since early August. This is unacceptable,” he said.
“The new indices will provide greater transparency on cattle and beef prices and help to keep the factories honest in terms of market trends. This is the first version and I’m sure it will be further refined as we go along,” he said.
“The latest data shows that Irish farmers can now justifiably demand and expect an immediate price increase,” he said.
“The index will provide greater transparency on cattle and beef prices and keep the factories honest in terms of market trends. This is the first version and I’m sure it will be further refined as we go along,” he said.
“One of the biggest complaints of beef farmers is the lack of up-to-date information about the price of beef in our main markets. This Index will equip farmers with comprehensive details about beef price trends and arm them with market data when they are selling cattle,” he said.
The new Price Index also includes a monthly Wholesale/Retail Beef Price Index, which again shows for the month from September to October these prices across the UK and EU markets increased.
Joe Healy said the Index also includes a By Product Market Indicator, which tracks changes in the values of hides and offal. Currently this is showing a value equivalent to 29c/kg, which is up marginally from its low point in June of 25c/kg.