Beef price loses up to 2p/lb

Marts: A sharp decline in prices paid for beef animals has been the processors’ response to an increase in the supply, which hit a four-year high last week.

Average prices fell by 1p-2p/lb — leaning heaviest on the poorer grading animals — as processors nationwide reduced prices by the largest single week cut for several months. This reduced farmer returns by €0.25million for the week.

Nationally, the average paid for R4L bullocks fell by just over 1p/lb and the average for O4L bullocks by almost 2p/lb, with heifers losing slightly less than the males. Almost all factories reduced the price paid, with the only difference being the variation. This ranged to above 2p/lb at individual factories.