Prices drop, supply rises

Quoted prices for cattle at the factories dropped by up to 9 cents/kg (3p/lb) at factories as the weekly increase in supplies was well maintained, resulting in a sharp drop in returns to producers.

The factories quoted 286-280 cents/kg (102p-100p/lb) for R grade animals and prices for O grade, ranging 274-268 cents/kg (98p-96p/lb), dropping prices by 6-9 cents/kg (2p-3p/lb), the largest single week decline to date.

Weaker demand for beef in the UK and on the Continent, partly due to warmer weather and more families on holidays, has resulted in a slight decline in returns from these outlets, but the most significant factor in the price drop at Irish export plants has been the surge in supplies.