Irish R3 steer prices slipped 2c/kg last week to 369c/kg, meaning a 6c/kg drop over the two weeks ending on 23 August.

During the same period, the EU average R3 young bull price actually increased by 1c/kg, although at 354c/kg it is still well behind the Irish price.

Irish farmers will continue to look with envy at prices in the North for R3 steers making the equivalent of 416/kg, 3c/kg up on the week. In Britain, R3 steer prices also increased again to the equivalent of 421c/kg. See Figure 1.

Cows and heifers

Prices in Northern Ireland and Britain for cows and heifers have been stable, with O3 cows making the equivalent of 317c/kg in the North and 319c/kg in Britain compared with the Irish price of 295c/kg.

Heifer prices were the equivalent of 413c/kg in Northern Ireland and 419c/kg in Britain, compared with an Irish price of 372c/kg, which was 3c/kg lower than the previous week.

Global trade

Internationally, currency exchange rates have influenced prices, as well as local factors.

In Australia, for example, the price paid locally in Australian dollars was lower than the previous week, but when the exchange rate is applied, the stronger dollar compared with the euro is reflected in Australian prices converting to a 4c/kg increase to 397c/kg.

In the US, prices were back on the previous week and with a dollar to euro exchange rate of €1=$1.195, it means that in euro values the US price was back 8c/kg on the week to 307c/kg.

The most dramatic change of all has come in Brazil’s farmgate price over the past week. It has rebounded from the equivalent of 224c/kg to 240c/kg through a combination of rising local prices and a slight recovery in the value of the real against the euro.

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