IFA President Joe Healy said the meat factories must stop profiteering on the back of beef farmers.

He said there is rising anger among farmers with the way the factories cut beef prices this autumn and continue to hold prices down at loss-making levels, despite strong returns from our main export market in the UK.

Joe Healy said the factories need to release their stranglehold on beef prices and immediately increase prices to €4.00/kg in line with the strong returns from our main market. He said with the strength of the UK cattle price and the sterling exchange rate, it’s clear the factories can pay a lot more.

Joe Healy said increased demand for the Christmas trade is about to kick in and factories are trying to pin down numbers. He said farmers must demand and insist on a strong price increase as the market can pay it.

He said the loss-making prices from the factories over recent weeks have inflicted serious damage on Irish livestock farmers and the beef sector.

The IFA President said UK cattle prices are currently at £373/kg (R3 grade steer). This is equivalent to €4.42/kg incl. VAT. He said the price gap between Irish and UK prices has now widened to €200 per head, which shows that the factories are not returning a fair market price to farmers and could pay a lot more.

Minister Creed and the Government can no longer ignore the lack of competition in the beef trade. He added that the Minister needs to do a lot more to assist the live export trade and get exports moving again to Turkey and other international markets.