Irish beef sector benefits from shortage of supply in export markets

Irish Farmers Association (IFA) chairman Brendan Golden said tight beef supplies have supported beef prices this week and some meatpackers are being forced to increase purchases to keep production available. He said that this week MEAT processors are paying 4.20 euros / kg for bulls, while for heifers the price has risen to 4.25 euros / kg.

The chairman of IFA Livestock said that the balance of supply and demand has largely worked in favor of farmers. He noted that prices in Ireland's key EXPORT markets - the UK and the EU - are rising. UK beef stocks are forecast to fall by 5% over the remainder of the year, creating a favorable market environment.

According to preliminary estimates, the supply of finished cattle for the rest of the year compared to 2020 will decrease by 40,000 HEAD. Processors know this, as do buyers in export markets where supplies of South American beef are shrinking, and this puts Irish beef in a strong position.