Bord Bia’s Beef Price Index shows that the beef market is improving, and farmers must get an immediate price increase, according to IFA president, Joe Healy.
“The latest data shows that Irish farmers can now justifiably demand and expect an immediate price increase,” he said.
“There is a clear gap of 17c/kg between the new European (prime export benchmark) price and Irish prices, which has opened up since early August; this is unacceptable.”
Beef price trends and market data
Healy believes that the new indices will provide “greater transparency” on cattle and beef prices and help to keep factories “honest” in terms of market trends.
“This is the first version and I’m sure it will be further refined as we go along,” he added.
One of the biggest complaints of beef farmers, he outlined, is the lack of up-to-date information about the price of beef in main markets.
“This Index will equip farmers with comprehensive details about beef price trends and arm them with market data when they are selling cattle,” he said.
The new Price Index also includes a monthly Wholesale/Retail Beef Price Index, which again, shows for the month from September to October, these prices across the UK and EU markets increased.
Joe Healy said the Index also includes a By-Product Market Indicator, which tracks changes in the values of hides and offal.
Currently, this is showing a value equivalent to 29c/kg, which is up marginally from its low point in June of 25c/kg.