R3 steer prices increased by the equivalent of 4c/kg for the week ending 8 August in Britain and Northern Ireland, but Irish and EU prices remained flat. It was a similar pattern for heifers, although R3 cow prices were a little weaker in Northern Ireland than the week before.
The UK has now entered the third week of the “eat out to help out” initiative, where restaurant diners have the opportunity to eat at half price, up to the value of £10, between Monday and Wednesday each week during August. This has complimented the already strong retail market for beef in the UK.
World prices
In the global market place, it remains mixed fortunes for the big exporting companies. Brazil's prices have remained stable in the local currency, but when this is converted to the euro value, the weaker currency makes Brazil’s beef 4c/kg lower than the previous week, at the equivalent of 228c/kg.
Prices are rising in the US, but with the euro now worth $1.193, there is just a modest increase to 311c/kg. Australia retains a strong beef price at the equivalent of 393c/kg, a few cents lower than last week. A new entry in the global prices chart for this week is China, where the average price per kg is 467c/kg equivalent. The Chinese domestic beef price has been consistently strong since the beginning of 2019.
Irish beef price looks relatively strong compared with the rest of the EU, with only Sweden significantly ahead. However, the fact that the UK price is exceptionally strong at present and well ahead of Ireland reflects the extent to which Irish beef price is determined by the UK market place. The UK branded product clearly commands a premium and has prime access to the supermarket trade, with Irish beef picking up part of this, but being a major part of the catering sector.
This market received a boost with the government scheme, and it is clear that while Irish beef price may be well below the UK price, its direction of travel will be determined by what happens in the UK.
Read more
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R3 steer prices increased by the equivalent of 4c/kg for the week ending 8 August in Britain and Northern Ireland, but Irish and EU prices remained flat. It was a similar pattern for heifers, although R3 cow prices were a little weaker in Northern Ireland than the week before.
The UK has now entered the third week of the “eat out to help out” initiative, where restaurant diners have the opportunity to eat at half price, up to the value of £10, between Monday and Wednesday each week during August. This has complimented the already strong retail market for beef in the UK.
World prices
In the global market place, it remains mixed fortunes for the big exporting companies. Brazil's prices have remained stable in the local currency, but when this is converted to the euro value, the weaker currency makes Brazil’s beef 4c/kg lower than the previous week, at the equivalent of 228c/kg.
Prices are rising in the US, but with the euro now worth $1.193, there is just a modest increase to 311c/kg. Australia retains a strong beef price at the equivalent of 393c/kg, a few cents lower than last week. A new entry in the global prices chart for this week is China, where the average price per kg is 467c/kg equivalent. The Chinese domestic beef price has been consistently strong since the beginning of 2019.
Irish beef price looks relatively strong compared with the rest of the EU, with only Sweden significantly ahead. However, the fact that the UK price is exceptionally strong at present and well ahead of Ireland reflects the extent to which Irish beef price is determined by the UK market place. The UK branded product clearly commands a premium and has prime access to the supermarket trade, with Irish beef picking up part of this, but being a major part of the catering sector.
This market received a boost with the government scheme, and it is clear that while Irish beef price may be well below the UK price, its direction of travel will be determined by what happens in the UK.
Read more
Beef prices: factories dig in with effort to reduce quotes
Restriction on journey time in ‘Irish Grass Fed Beef' is anti-competitive - ICSA
Farmer Writes: staycations and the reputation of the meat sector
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