Factories toughen on price — again

SEVERAL beef factories moved yesterday to curb the strengthening in prices for cattle over the past week by quoting prices back 3 cent/kg (1p/lb) for bookings this week.

Yesterday’s kill and most of today’s supply was bought forward at last week’s prices, but producers are facing another challenge for the remainder of the week on holding prices.

A recent increase in the cattle supply has taken the industry by surprise, and the response from the processors has been to bring prices planned for July back into June trade.