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.

Apart from some weakening in demand for beef on the continent, the decline can be explained by an increase of over 11% in the supply of bullocks.

The national average for R4L bullocks fell to 107p/lb — with heifers just short of 108p/lb — with prices for O4L slipping to 103p/lb.

Donegal Meats, the only processors not to reduce the price for R4L bullocks, paid an average of 111p/lb, 3p/lb over their nearest rivals Euro Farm Foods, and Ashbourne Meats.

Overall, over one-third of factories paid averages of less than 107p/lb. Prices at Kepak (Clonee), AIBP (Rathkeale), Dawn (Waterford), Liffeys (Ballyjamesduff), and Moyvalley (Kildare) dropped by over 2p/lb.

Donegal led for R4L heifers at 107p/lb, followed by Kepak (Watergrasshill and Clonee), and Slaney Meats (Bunclody) each paying at 105p/lb.

The top price for R-grade cows fell 2p/lb. Ashbourne Meats were highest at 93p/lb. The top price for O/P-grade was unchanged. Donegal Meats paid 89p/lb for O-grade and Moyvalley paid 89p/lb for P-grade.