Supply increase hurts beef prices

BEEF prices at the factories have come under increasing downward pressure with a further rise in the supply of cattle making the task easier for the processors.

Quoted prices have been reduced by 3-9 cents/kg (1p-3p/lb), the heaviest cut being applied to the O grade animals as the factories intensify their efforts to get cheaper cattle.

They are being aided by a further rise in the supply over the past week when throughput exceeded 32,000 head of which steers accounted for almost 14,000 head, an increase of 2,000 head per week from three weeks ago.