While Irish cattle prices have fallen to their lowest point in five years, trading at €3.44/kg (excluding VAT) for R3 steers last week, British prices have also taken a hit.

R3 steer prices in the UK have fallen to £3.31/kg (€3.76/kg), compared to £3.80/kg (€4.32/kg) this time last year. Comparison with the Irish price is hugely influenced by the euro-sterling exchange rate. In June, when sterling was trading at 90p to €1, Irish R3 heifer prices actually crept ahead of their UK equivalent.

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AHDB figures show a drop in UK beef imports between January and July. They fell to 143,900t, which is a 13% decline on the same period in 2018.

The value of imports also declined to £437.6m, a 16% drop on the same period last year.

At the same time, the volume of beef produced in the UK (including NI) is higher this year. By the end of August, beef production stood at 611,800t, which was 6,800t more than the same period in 2018.

Ian Stevenson, from NI’s Livestock and Meat Commission described the market as a perfect storm of increased production, combined with less demand in the UK and the continent, with Brexit influencing consumer buying decisions.

AHDB, the English levy board, said Kantar retail data for the year ending 11 August shows both the value and volume of steak and roasting cuts sold have fallen, while there has been an increase in mince beef sales. It also refers to the MCA consumer insights report from the food service sector, which further shows a decline in beef consumption.

With the UK buying half of Irish beef exports and Irish beef accounting for three quarters of UK beef imports, the drop in volume and value this year has been reflected in the poor Irish beef price.