Beef trade: The only way is up for prices?

Beef prices in Northern Ireland this week (March 28th- April 1st, 2022)The only way is up for beef prices

According to the Livestock and Meat Commission (LMC), factories across Northern Ireland increased beef prices this week.

The commission reported that quotes for cull cows, heifers, young bulls, and bullocks were up on the previous week.

Base quotes from processors ranged from 392-406p/kg for in spec U-3 grading steers and heifers this week.

According to the LMC, beef prices were as follows in Northern Ireland:

• The cow trade in NI last week reported “further” improvements, with the average cow price up by 6.2p/kg to 307.2p/kg, while the O3 cow price increased by 5.2p/kg to 333.2p/kg from the previous week.
• The average steer price “remained firm” at 407.9p/kg, with the R3 steer price up by just over a penny to 418p/kg;
• The average heifer price last week rose by 3.5p/kg to 411.2p/kg, while the R3 heifer price was up 1.2p/kg to 418.2p/kg;

Throughput

According to the body, prime cattle throughput in NI last week amounted to 7,716 head, which was an increase of 884 head from the previous week.

In the same week in 2021, 6,661 prime cattle were processed in local plants. Cow throughput in local plants rose by 143 cows last week to 2,189 head.

In the corresponding week last year, 1,614 cows were processed locally. Cattle imports to NI for direct slaughter from ROI last week increased to 223 prime cattle and 74 cows. Meanwhile, no cattle were imported from GB to NI for direct slaughter.

Cattle exports out of NI to ROI last week included 30 prime cattle and 107 cows. Meanwhile, a further 34 cows were exported to GB for direct slaughter.

Beef 2022 prices: GB

In GB last week, the deadweight trade for prime cattle “continued to strengthen” across the region compared to the previous week.

The LMC reported that beef prices were as follows:

• The cow trade also “firmed” in GB last week, with the average cow price increasing by 7p/kg to 334p/kg. The average O3 cow price rose by a similar value to 356.3p/kg;
• The average steer price rose by 3.5p/kg to 420.9p/kg, while the R3 steer price was up 3.7p/kg to 426.7p/kg. “This puts the differential in R3 steer price in NI and GB at 8.7p/kg compared to a differential of 15.4p/kg in the same week in 2021.”
• The average heifer price in GB last week was up 3.2p/kg to 420p/kg. According to the LMC, the R3 heifer price increased by 5.3p/kg to 428.1p/kg. “This puts the differential in R3 heifer prices last week between NI and GB at 9.9p/kg compared to a differential of 16.8p/kg in the corresponding week in 2021.”