Factory cuts breach 100p/lb barrier

Marts: Beef prices fell below the 100p/lb barrier for the first time in 2006 when O grade animals were quoted well short of the benchmark price at the factories yesterday.

Processors reduced quoted prices by up to 6 cents/kg (2p/lb) when they offered producers 271 cents/kg (97p/lb) for O grade animals, while prices for R grade stock edged closer to 100p/lb, with factory bosses cutting prices by 3 cents/kg (1p/lb).

Factory agents maintained supply of cattle was not effected by the further reduction in prices yesterday.