July has been a good month for Irish beef prices, with the average ahead of the EU average for R3 steers, heifers and O3 cows.
Of course for Ireland and the UK the reference animal for male cattle is an R3 steer whereas it is young bulls for continental countries.
The trend is also reflected in the Bord Bia beef market tracking monitor which produces a weighted average of the Irish price compared with the prices paid in the markets to which Irish beef is exported.
The prime Irish composite price was at 366c/kg for week ending 24 July compared with 358c/kg (ex-vat) prime export benchmark which is average for cattle across all markets in which Irish beef is sold.
EU prices reported
Every week, factories in the EU and UK killing over 20,000 cattle are required to report their average prices paid (excluding vat) to the EU.
The most recent prices for week ending 24 July show that Irish R3 steers were paid at 373c/kg, which is 22c/kg better than the EU 27 average for young bulls of 351c/kg.
Apart from Sweden where the equivalent euro price as 436c/kg for R3 young bulls, the Irish price in this category was the best in the EU 27.
Ireland is also strong on R3 heifer prices at 376c/kg, 12c/kg better than the EU average of 364c/kg and only beaten in the EU 27 by Sweden at the equivalent of 438c/kg and France on 407c/kg.
The Irish O3 cow price of 296c/kg is 18c/kg better than the EU average and again only topped by Sweden on 397c/kg and France on 317c/kg in the EU 27.
UK prices well ahead
Prices in Northern Ireland and Britain are well ahead of Irish prices at the equivalent of 407c/kg for Northern Irish R3 steers and 402c/kg for British steers, 29c/kg and 34c/kg respectively more than the Irish price.
UK supermarkets driving demand for beef in Britain and while Irish beef has limited access, it is lifting the overall demand for beef.
It is a similar picture on R3 heifers with 408c/kg equivalent reported from the north and 402c/kg from Britain. O3 cows averaged 315c/kg in Northern Ireland and 310c/kg in Britain, again well ahead of the Irish average of 296c/kg.
As Britain is such an important market for Irish beef exports, no doubt the strength of demand there has been reflected by pushing the Irish price well ahead of the EU average though it remains well behind what is being paid in Britain and Northern Ireland.
Global prices
Brazil cattle prices are averaging 236c/kg equivalent last week
US prices have tumbled in recent weeks through a combination of a weaker trade and strengthening euro against the dollar. Top-quality steers averaged just the equivalent of 296c/kg last week which is a euro below what prices were two months ago.
Brazil also remains weak, again the weak currency having an impact with steer prices at the equivalent of 236c/kg.
Top performer among the big beef exporting countries is Australia, where an MSA steer was the equivalent of 396c/kg last week.
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July has been a good month for Irish beef prices, with the average ahead of the EU average for R3 steers, heifers and O3 cows.
Of course for Ireland and the UK the reference animal for male cattle is an R3 steer whereas it is young bulls for continental countries.
The trend is also reflected in the Bord Bia beef market tracking monitor which produces a weighted average of the Irish price compared with the prices paid in the markets to which Irish beef is exported.
The prime Irish composite price was at 366c/kg for week ending 24 July compared with 358c/kg (ex-vat) prime export benchmark which is average for cattle across all markets in which Irish beef is sold.
EU prices reported
Every week, factories in the EU and UK killing over 20,000 cattle are required to report their average prices paid (excluding vat) to the EU.
The most recent prices for week ending 24 July show that Irish R3 steers were paid at 373c/kg, which is 22c/kg better than the EU 27 average for young bulls of 351c/kg.
Apart from Sweden where the equivalent euro price as 436c/kg for R3 young bulls, the Irish price in this category was the best in the EU 27.
Ireland is also strong on R3 heifer prices at 376c/kg, 12c/kg better than the EU average of 364c/kg and only beaten in the EU 27 by Sweden at the equivalent of 438c/kg and France on 407c/kg.
The Irish O3 cow price of 296c/kg is 18c/kg better than the EU average and again only topped by Sweden on 397c/kg and France on 317c/kg in the EU 27.
UK prices well ahead
Prices in Northern Ireland and Britain are well ahead of Irish prices at the equivalent of 407c/kg for Northern Irish R3 steers and 402c/kg for British steers, 29c/kg and 34c/kg respectively more than the Irish price.
UK supermarkets driving demand for beef in Britain and while Irish beef has limited access, it is lifting the overall demand for beef.
It is a similar picture on R3 heifers with 408c/kg equivalent reported from the north and 402c/kg from Britain. O3 cows averaged 315c/kg in Northern Ireland and 310c/kg in Britain, again well ahead of the Irish average of 296c/kg.
As Britain is such an important market for Irish beef exports, no doubt the strength of demand there has been reflected by pushing the Irish price well ahead of the EU average though it remains well behind what is being paid in Britain and Northern Ireland.
Global prices
Brazil cattle prices are averaging 236c/kg equivalent last week
US prices have tumbled in recent weeks through a combination of a weaker trade and strengthening euro against the dollar. Top-quality steers averaged just the equivalent of 296c/kg last week which is a euro below what prices were two months ago.
Brazil also remains weak, again the weak currency having an impact with steer prices at the equivalent of 236c/kg.
Top performer among the big beef exporting countries is Australia, where an MSA steer was the equivalent of 396c/kg last week.
Read more
Quotes continue to creep up despite factory efforts
2,000 bulls loaded for Libya and exporter hopeful of further contracts
Newford update: 2019-born heifers averaging 485kg liveweight
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