Bord Bia’s Beef Market Tracking Tool – which was devised in response to quests at the beef talks for enhanced market transparency – has been launched.
It is based on three components; cattle price index, beef market price index and an offal indicator and includes the composite vs benchmark price, an offal indicator, and wholesale and retail prices indices.
Progress the commitments
Minister Creed said that his Department and agencies are continuing to "progress the commitments" which they signed up to under the Agreement of 15 September on the beef sector, noting that the tender process for other studies committed to under the agreement has also commenced.
Minister Creed noted “that initiatives such as the Bord Bia Beef Market Tracking Tool are essential in giving stakeholders information on which to base their decisions”.
He said that his Department had listened to calls for increased transparency in the sector and was making “every effort to contribute to this”.
‘Track overall trends in beef cattle’
Tara McCarthy, CEO of Bord Bia, stated, “Bord Bia is happy to publish the Beef Market Index as part of our commitments to the September 15th Beef Agreement.”
“The information will be updated on an ongoing basis and is designed to track overall trends in beef cattle, wholesale, retail and 5th-quarter prices.”
“We will continue to work with the Beef Market Taskforce over the coming months to further develop the range of market information available to farmers.” McCarthy concluded.