Beef prices have increased a further 5c/kg this week, according to the Irish Farmers' Association (IFA).

IFA livestock chair Brendan Golden said base prices for steers are ranging from €4.45/kg to €4.55/kg, while heifers are receiving €4.50/kg to €4.60/kg.

He said higher quotes are being secured for larger lots of in-spec cattle in particular.

Manufacturing beef

Cow prices have also increased, reflecting the strong demand for manufacturing beef, according to Golden.

He said that P grades are starting at €3.70/kg, with good-quality beef-bred cows making up to €4.20/kg and that young bulls killing out at R or U grades are making between €4.40/kg and €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.”

The IFA livestock chair 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 said.