Pressure continues to be applied to the beef trade, with no light at the end of the tunnel for finishers.

Quotes for prime cattle remain at a similar place as to where they left off last week, with cows taking the biggest hit this week.

Factory agents are reporting small numbers of grass cattle coming forward for sale, with most factories still concentrating on their larger feedlot finishers to keep throughput up at the moment.

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Bullocks and heifers

Bullocks are being quoted at a base price of €4.90/kg on the grid, while heifers are working off a €4.95-€5.00/kg base price.

Cows

Cows have taken the biggest hit this week, with P+3+ cows being quoted at €3.90/kg in a few factories this morning. R grading cows are being quoted from €4.20-€4.40/kg depending on the factory, while O grading cows are working off quotes of €4.10-€4.30/kg.

There is a lot of variation in cow quotes this week, so if you have cows to sell, it will pay to price around.

Top quality U grading cows are still being sought in marts, with wholesalers remaining active for heavy cows. U grading cows are being quoted at €4.50-€4.60/kg this week.

Young bulls

Base prices for under-16-month bulls are coming in at €4.90-€5.00/kg.

Young under-24-month bull quotes continue to track back, with U grading bulls now back at €5.05/kg to €5.15/kg.

R grading under-24-month bulls are being quoted at €5.00/kg to €5.05/kg, with O grading bulls back at €4.85/kg to €4.95/kg.

P grading under-24-month bulls are working off €4.75/kg to €4.80/kg this week.

Increased imports apply pressure

Increased imports from South America continue to apply pressure to the EU beef trade, with a further decline last week. EU imports of South American beef were up 27% in the first three months of 2023.

Imports of South American processed beef to the UK have also increased, with almost 1,000 extra tonnes (t) of processed beef imported from Brazil for the first four months of 2023.

The United Kingdom (UK) imported 6,413t of processed beef from Brazil for the first four months of 2023, compared to 5,554t for the same period in 2022, representing a 15% increase.

This latest trade data comes as the EU ramps up negotiations with Mercusor countries to ratify the Mercusor trade deal in 2023. This would give Mercusor countries like Brazil and Argentina annual tariff-free access for 99,000t of beef annually.