Beef price rises despite supply hike

Marts: The average price paid for beef increased by a further 6 cent/kg (2p/lb) at the factories last week despite a strong increase in cattle supplies.

Bullock supplies to the factories increased by over 4,000 head on the previous week as the strong improvement in prices tempted producers to sell, pushing intake to 20,000 head. The intake of heifers increased by 1,100 to 8,284, and strong cull cows supply pushed the numbers at the plants to 39,486 head, 7,000 head up on the previous week.

The strong increase in supply may have influenced a slowing in the rate of price increase with an average gain of 6c/kg (2p/lb) for bullocks compared to 8c/kg (3p/lb) the previous week. The increase in heifer prices was less than the bullocks.