A gap in prices of 40 to 50p/kg across many of the main prime cattle grades has encouraged some NI factories to increase imports of cattle from the Republic of Ireland for direct slaughter.
To the week ending 12 August 2023, the number of ROI imports slaughtered in NI totalled 12,748, up 20% on the same period in 2022 and the highest equivalent figure since 2015. Last week, 544 cattle were imported, which followed on from 809 the week previous, the highest weekly total recorded for nearly three years.
The current differential in prices across the Irish border is greater than that seen in August 2022, when it generally stood at around 20 to 30p/kg, while in August 2021 it was around the 40p/kg mark.
Prices down
Since the middle of May, the prices paid for top-grading steers and heifers in NI are down nearly 40p/kg. A similar trend has also been seen in Britain, with prices back by over 35p/kg. On a 380kg carcase, it equates to around £150/head in reduced income.
Despite that drop, retail price surveys of the major supermarkets in Britain suggest that those reductions are yet to be passed on to consumers. Prices of various main cuts have hardly changed for nearly a year, and since May 2023 they have edged up in some cases.
With beef remaining expensive compared to other proteins, market analysts in Britain point to subdued consumer demand, due to cost-of-living pressure, as being a key reason why farmgate prices have fallen in recent weeks. In addition, the discount to ROI beef is weighing on prices, while supply is not an issue with UK cattle slaughterings generally remaining robust.
In NI, cattle slaughterings to the week ending 5 August have totalled 283,987 head.
While that is down 3.5% on the record year seen in 2022, it is still over 8% ahead of the kill during the same period in 2021.
Read more
Beef prices: trade steady at start of the week
BPS money to come in September
A gap in prices of 40 to 50p/kg across many of the main prime cattle grades has encouraged some NI factories to increase imports of cattle from the Republic of Ireland for direct slaughter.
To the week ending 12 August 2023, the number of ROI imports slaughtered in NI totalled 12,748, up 20% on the same period in 2022 and the highest equivalent figure since 2015. Last week, 544 cattle were imported, which followed on from 809 the week previous, the highest weekly total recorded for nearly three years.
The current differential in prices across the Irish border is greater than that seen in August 2022, when it generally stood at around 20 to 30p/kg, while in August 2021 it was around the 40p/kg mark.
Prices down
Since the middle of May, the prices paid for top-grading steers and heifers in NI are down nearly 40p/kg. A similar trend has also been seen in Britain, with prices back by over 35p/kg. On a 380kg carcase, it equates to around £150/head in reduced income.
Despite that drop, retail price surveys of the major supermarkets in Britain suggest that those reductions are yet to be passed on to consumers. Prices of various main cuts have hardly changed for nearly a year, and since May 2023 they have edged up in some cases.
With beef remaining expensive compared to other proteins, market analysts in Britain point to subdued consumer demand, due to cost-of-living pressure, as being a key reason why farmgate prices have fallen in recent weeks. In addition, the discount to ROI beef is weighing on prices, while supply is not an issue with UK cattle slaughterings generally remaining robust.
In NI, cattle slaughterings to the week ending 5 August have totalled 283,987 head.
While that is down 3.5% on the record year seen in 2022, it is still over 8% ahead of the kill during the same period in 2021.
Read more
Beef prices: trade steady at start of the week
BPS money to come in September
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