Record beef prices are being paid in Northern Ireland (NI).

The R3 steer price reached an all-time high last week of 493.6p/kg or almost €5.63/kg.

The Livestock and Meat Commission (LMC) in NI said the price paid last week for a 350kg R3-grading steer carcase was £1,727.60 (€1,969).

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The R3 steer price is running 64.2p/kg (73.2c/kg) ahead of the corresponding week last year, which equates to an additional £224.70 (€256) on a 350kg carcase.

“The deadweight cattle trade in Northern Ireland during 2023 has remained well ahead of previous years and, due to a tightening in the supply of cattle, has strengthened further in recent weeks,” the LMC stated.

With 7,690 prime cattle slaughtered in factories in NI over the last week, the LMC pointed out that the total kill for the last eight-week period was 55,542 head, which is a decrease of 3,616 or 6.1% from the corresponding eight-week period in 2022.

Compounded

The fall-off in cattle numbers has been compounded by a drop in the average carcase weight this year.

“The average carcase weight of prime cattle processed during the year to date was 340.8kg, back 8kg compared to last year,” the LMC report stated.

“This has further contributed to the current tight beef supplies and the recent improvement in the local deadweight cattle trade as a result, with reports indicating strong competition between the major processors for the cattle available, particularly for better-quality animals that meet current market specifications,” it added.

Cow prices in NI are also running well ahead of previous years.

“Last week in NI, the average O3 cow price was 397.2p/kg (452c/kg); in the corresponding week in 2022, the O3 cow price was 350.5p/kg (399c/kg).

"The differential year on year equates to an additional 46.7p/kg (53c/kg) or £130.76 (€149) for the producer on a 280kg carcase,” the LMC stated.