Processors signal that beef prices have peaked

BEEF prices have come under some pressure at the factories this week, as intakes remains relatively strong for a fourth consecutive week, and processors clearly signal that prices have peaked for the year.

Aided by the approaching wind-down in the trade for Christmas, processors have this week attempted to cut the base steer price as much as 6 cent/kg (2p/lb), undermining the confidence of cattle sellers who had been holding out for €4/kg.

Some of the wiser owls in the trade had expected this move by the factories, as soon as they felt they had secured adequate cattle supplies before Christmas. There is little more than a week left for intake of cattle before Christmas, and processors are more confident about supplies, and want to dent the confidence of sellers holding out for at least €4/kg.