Beef quotes have taken another hit this week, as factories have moved base quotes to €4.70/kg for bullocks for this week’s kill.

Agents are meeting a lot of resistance with the new quotes, with some farmers refusing to sell at the 5c/kg reduction on last week’s quotes.

As a result of this, very few cattle are being purchased at €4.70/kg, with most factories having to up the price to last week’s quotes in order to get cattle for this week.

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Heifers are generally being purchased at €4.80/kg, with a few quotes of €4.85/kg still on the go, especially in some of smaller independent factories.

The larger factories are still leading the charge for a reduction in quotes, with many issuing strict instructions for agents to hold at €4.70/kg for any cattle purchased towards the end of this week.

Looking to the long-term outlook, there are fears that prices may drop more.

The only positive at the moment is that the European beef market appears to have bottomed out, with Irish prices now 20c/kg behind the Bord Bia tracker price for Europe.

The Irish composite price currently stands at €4.87/kg incl VAT versus the European average at €5.07/kg excl VAT.

Cow trade

P+3+ cows are being quoted at €3.80/kg to €3.90/kg this week.

R grading cows are being quoted from €4.20/kg to €4.25/kg, depending on the factory, while O grading cows are working off quotes of €4.10/kg to €4.20/kg.

U grading cows are being quoted at €4.30/kg to €4.40/kg this week.

Bulls

Base prices for under-16-month bulls are coming in at €4.70/kg to €4.75/kg.

Young under-24-month bull quotes are also under pressure, with U grading bulls now back at €4.90/kg to €4.95/kg, back 10c/kg on last week’s quotes.

R grading under-24-month bulls are being quoted at €4.75/kg to €4.80/kg, with O grading bulls back at €4.60/kg to €4.70/kg.

P grading under-24-month bulls are working off €4.40/kg to €4.50/kg this week.