Pressure remains on beef prices as supply rises

Beef prices have continued to come under pressure at the factories this week as the gradual increase in supplies of cattle continues.

Although quoted prices for the week are similar to last week’s, processors are effectively reducing prices by sticking more than previously to the quoted price range.

Base prices being quoted for steers range from 380 to 390c/kg (136p-139p/lb). While farmers are negotiating some top-up on that in the lower end of the price range, most factory agents are under direction not to exceed 390c/kg this week, with the upward trend in supply taking some pressure off processors.