Meat factories “can and must do more on beef price to reflect the reality of the market conditions they are selling into”, Irish Farmers' Association (IFA) livestock chair Brendan Golden has said.
Golden commented that “demand for beef in our key markets is driving prices as supplies remain tight”.
Recent Kantar data has revealed UK supermarket spending on beef to be up over 11% year on year as volumes hold firm.
UK market prices have risen by 7p/kg in the last week, being driven by tighter supplies of cattle, he said.
EU young bull prices have strengthened and, when combined with the UK price in the Bord Bia prime export benchmark price, a gap of 37c/kg has opened up with our prices, he added.
Strong beef markets
Although prices have increased in recent weeks, these are not keeping pace with prices in key markets and “must move further and faster”, said Golden.
However, Golden encouraged farmers to remain positive despite any negativity from factory agents and that beef markets are strong.
He also added that “supplies are tight and there is capacity for further price increases from the market”.