Ireland: Upward momentum in beef prices must continue, says Hanrahan

The Irish Farmers’ Association (IFA) Livestock Committee chair, Declan Hanrahan, has reported a rise in beef prices due to decreasing supplies. Factories are finding it difficult to meet orders and are compensating farmers with an increase of 5c/kg to 10c/kg in payment. This is attributed to reduced cattle numbers, expected to fall by 50,000-60,000 head by year end, and increased demand for live exports. The IFA believes that market conditions warrant further price increases.

The Irish Farmers’ Association (IFA) Livestock Committee chair has said that beef prices have “edged upwards” as supplies tighten on the ground. Declan Hanrahan said factories are struggling to source enough cattle to fill orders. As a result, he said they are paying farmers 5c/kg to 10c/kg above quotes to tie down deals this week as demand strengthens. Beef prices Hanrahan said that “the reality is factories are very anxious for cattle and are sourcing cattle for next day processing and are willing to pay above quotes to secure supplies”. He added that Bord Bia estimates that cattle throughput between now and year end is expected to reduce by 50,000-60,000 head “which will significantly reduce the numbers available to factories in the coming weeks”. “Live export demand for store and finished cattle from live exporters for Northern Ireland and international markets is adding important competition to the trade and will further reduce the number of cattle available to factories. ...