The all-important €5/kg barrier has been breached, with a number of factories dropping quotes by 5c and 10c/kg on Monday morning.

The news comes on the back of some stability entering the trade last week and the hopes were that this would stabilise the current pressure on prices.

Numbers of finished cattle has also tightened, with no delays in getting cattle slaughtered in any part of the country last week.

Base prices for under-16-month bulls have also dropped, with many processors working off €4.90/kg, a drop of 5c to 10c/kg in some cases.

Young 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.

Cows

U grading cows are trading anywhere from €4.60/kg to €4.70/kg, with plants most active for top-quality cows continuing to show a keen appetite for the right stock.

R grading cows are trading from €4.45/kg to €4.55/kg, depending on the factory. Some processors are trying to quote lower, but are doing very little business at the lower money.

O grading cows are at €4.10/kg to €4.20/kg, with P grading cows coming in at €4.00/kg to €4.05/kg, depending on weight and flesh cover.

Agents are still paying above the odds for good-quality well-fleshed cows in marts, so the mart is still the best place, especially if small numbers of cows are involved.

European comparison

Taking a look at the latest figures from Bord Bia, they show that for the week ending 10 June 2023, R3 Irish bullocks are coming in at €5.42/kg incl VAT.

In terms of EU prices, R3 young bulls are trading at €5.21/kg, some 21c/kg behind the Irish price, while the UK R3 bullock price is at €5.94/kg, which is 52c/kg ahead of the Irish price.

This price differential is the equivalent of over €200/head on a 400kg carcase.

Looking to what’s happening in other countries, the British beef price is still ahead of many countries in the European market.

The GB price for R3 bullocks is at €5.87/kg incl VAT, while NI R3 bullocks are at €5.79/kg.

In France, R3 young bulls are at €5.55/kg, while R grading young bulls in Germany are selling for €4.83/kg. In the Netherlands, young bulls are under more pressure, with R3 young bulls coming into €4.67/kg.

Further afield, beef markets in the USA continue to march on, with the steer price coming in at the equivalent of €6.27/kg on the back of reduced supplies of finished cattle along with increased demand.