While Irish farmers have taken a hit on all cattle going to the factory in recent weeks, it is the collapse in cow prices that is most spectacular. For a long time, Irish cow prices have been well ahead of the EU average and at times the highest compared with our main markets with the exception of Sweden.

Dramatic fall

Over the last month, Irish O3 cow prices have collapsed from €3.47/kg to €3.19/kg at the end of last week. However, elsewhere in Europe, the fall has been much less, with the EU average dropping just 2c/kg from €3.07/kg to €3.05/kg.

For the first time in the past two years, with an exception in September 2017, British cow prices are ahead of Irish at the equivalent of €3.24/kg.

France, which along with Ireland is traditionally the highest priced EU-market for cows, was trading at €3.29/kg, which is in fact 5c/kg higher than a month ago.

German O3 cow prices slipped from €3.23/kg to €3.21/kg, while Italian prices have dropped from €3.03/kg to €2.97/kg

Steers also well down

Irish R3 steer prices have also fallen by much more than in our main export markets and the 18c/kg fall from €4.12c/kg to €3.94c/kg is more than three times the fall in EU average R3 steer and young bull prices over the past month. The EU average on R3 young bulls was €3.72/kg at the end of last week compared with €3.77/kg at the end of the first week in June.

The gap with British R3 steers which had closed to 16c/kg a month ago has doubled to 32c/kg in the first week of July with British prices the equivalent of €4.26/kg, just 2c/kg less than a month ago. Italian prices on R3 young bulls are €3.98/kg while Germany is on €3.76/kg and France is on €3.68/kg.

Weak global prices

Prices are weak in the world’s top three beef-exporting countries. Australian equivalent of R3 steers are trading at the equivalent of €3.04/kg back 46c/kg from the same week in 2017. It is similar trend with Australian cows which are currently trading at the equivalent of €2.38/kg, 51c/kg back on the same week a year ago.

Prices in the USA are also well down at the equivalent of €3.36/kg for comparable steers to the EU R3 grade. This is 29c/kg less than this time last year when the price was the equivalent of €3.65, though weakening of the US dollar is a factor in this.

Brazil prices are just the equivalent of €1.81/kg, which is down from €2.03/kg a year ago.

All prices exclude vat and are supplied by Bord Bia.