IFA: Strong demand fuels rise in beef prices
According to Mr. Healy, last week slaughterhouses reported 39,800 slaughtered cattle and to date this year an additional 81,000 head of cattle have been processed.
The demand this week is growing, factories being willing to pay above the quoted prices to obtain the number they need. Mr. Healy said that the minimum base price offered by the factories is €3.90/kg on steers and €4.00/kg on heifers, with top prices of €4.05/kg paid.
In the context of a strong demand for fit cattle, Mr. Healy says finishers should maximise the opportunity to drive on prices.
The IFA President said beef market prices are rising with UK prices up 2p/kg in the last week to the equivalent of €4.45/kg.
Regarding cattle prices in the main EU markets, Mr. Healy added that in Italy, France and Germany the prices rose by 40c/kg compared to the similar period from 2016. The increase in prices at the EU level, according to Mr. Healy, is a major opportunity for Irish prices to rise further.
Joe Healy added that factories are very anxious for stock and are finding it extremely difficult to get numbers at the current low quoted prices. He said the kill to date this year is up 81,000 head, carcase weights are down an average of 6kg, accounting for another 35,000 cattle and an additional 40,000 weanlings have been shipped to Turkey in the last year. He said all of this points to finished cattle numbers being a lot tighter than previously anticipated.
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