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Beef prices continue to rise with farmers reporting 350p/kg being widely available this week for prime cattle meeting market specifications.
Where larger numbers of in-spec animals can be supplied, and on a regular basis, reports indicate factory prices deals for U-3 grades exceed the 360p/kg mark.
Over the last few weeks, there has been a dramatic recovery within the beef trade.
Last week, official prices paid for U3 steers and heifers rose by close on 8p/kg to 345.6p/kg and 350.6p/kg respectively. Young bulls rose by more than 11p/kg with R3 grading cows up 12p to 289.1p/kg.
The last notable monthly increase was in mid-2015 when over 20p/kg was added to prices over a four-week period
The prices paid for steers and heifers are up 20p/kg in just three weeks, and with higher prices again being paid this week, the monthly increase is likely to be as significant as anything seen in the last 10 years.
The last notable monthly increase was in mid-2015 when over 20p/kg was added to prices over a four-week period. That came after official steer prices had slumped to just 311p/kg.
Prior to that was the increase seen in the aftermath of the 2013 horsemeat scandal, when steer prices went from 339p/kg to 363p/kg over a similar four-week period.
Driving the current upward momentum in the beef trade has been a growing shortage of cattle, coupled with a rise in processing demand across the UK as retailers focus on British beef sold under the Red Tractor brand. Recent criticism of UK retailers by NFU president Minette Batters for stocking Irish beef seems to have had an impact.
Scotland is slightly ahead, with quotes of 360p/kg for R4L steers this week
As a result, prices in Britain are also rising with England broadly in line with NI factories. Scotland is slightly ahead, with quotes of 360p/kg for R4L steers this week. That equates to a 30p/kg increase in Scottish prices in just three weeks.
However, while cattle supplies are also tight in the Republic of Ireland, price rises have been slower to materialise, with the trade there a major supplier to a UK food service sector that remains largely shut.
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