Increase in supply fails to halt price rise

MARTS: A further increase in cattle supplies failed to halt the gradual upward movement in prices at the factories last week underlining the current strength of the market for beef.

There was a gain of 1-2c/kg in the average paid by the processors with increases of up to 5c/kg in the average paid by individual factories at the upper end of the price league, indicating that factories were willing to concede to paying more to keep up the intake.

Bullock supplies rose by a further 1,000 head to over 18,000 - the highest year to date and the highest for corresponding weeks since 2003 - out of a total throughput of almost 34,500 head. They are now running at 3,000 head per week more than this time last year.