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Re-opening of UK foodservice sector will drive beef demand – IFA

The phased re-opening of the foodservice sector in the UK will increase demand for Irish beef and must translate into higher beef prices, according to Irish Farmers Association (IFA) livestock chairman, Brendan Golden.

“The foodservice sector in the UK is a key outlet for Irish beef and the phased re-opening from next Monday (April 12) is a significant development for beef sales,” said Mr Golden.
While prices continue to edge upwards, they are not closing the gap with the Prime Export Benchmark price, which is at 11c/kg, he said. Factories are paying €3.90/kg for steers and €4.00/kg for heifers, with higher deals for larger and specialist lots. Cows are making from €3.20/kg for P grades and up to €3.70/kg at the top end for good quality R and U grading cows.
Mr Golden said the key driver in the marketplace at the moment is the UK as EU R3 Young Bull prices lag behind our current price by 9c/kg.
“The foodservice sector in the UK is scheduled for full re-opening in May and this will increase demand for beef in the coming weeks and must mean a return to meaningful beef-price increases,” he said.