The average final price for R3 steers rises to €5.17/kg… with room for further increases

The average final price paid to producers, including VAT and premiums, for R3 steers in the week ended May 1 was €5.17/kg, according to the ministry’s beef price watch table.

The farm prices paid for R3 steers were between 5.58 and 5.75 €/kg.

R3 heifer prices averaged €5.20/kg this week, with peak prices ranging from €5.51 to €5.80/kg.

Foyle beef in Donegal is regularly the biggest payer nationally but in the R3 table week it was only third place averaging €5.25/kg – ABP Rathkeale led at €5.37/kg, Dawn Ballyhaunis at 5, €26/kg.

On the heifer side, Foyle tied Dawn at €5.27/kg for R3s, followed by Jennings Ballinrobe at €5.26/kg.

The 5.00 €/kg mark for the final price paid was finally cracked … where are the basic network prices now?

The general consensus over the weekend among my sources was €5. However, the reality of trading is still that in many cases there is no fixed basic network price.

Flat rate pricing remains the more popular option, with Angus costing €5.35-5.50/kg and Friesen €4.90-5.00/kg.

Carnew Mart’s David Quinn estimates that factory return of some of the stock he recently bought would equate to €5.80-6.00/kg.

So a base price of €5/kg now seems to be the minimum that sellers should take.

It will be interesting after the four days of last week to see if this week sees further price increases as factories continue to look for supplies.

Many producers are feeling good, but ICMSA’s Des Morrison believes there is potential in the market for an additional 50c/kg.

He pointed out that by the end of April 2021, the price paid by processors to beef processors was 27 cents/kg above the European average; but at the end of April 2022 the Irish figure was 24c/kg below the EU average.

“It is on record that the average price for male R3 Prime cattle in the EU on 30 April was €5.14 per kg excluding VAT, while the Irish price for an animal of the same class was €4.90 over the same period was per kg, excluding VAT,” he said.

“That’s over 50c/kg negative turnaround and requires an explanation.”

On the numbers side, this year’s kill remains well ahead of 2021, with an additional 36,495 animals processed in the week ended May 1.

This brought the total for this year to date to 578,397 compared to 516,618 for the same period in 2021, an increase of 61,779 or 12 percent. The average final price for R3 steers rises to €5.17/kg… with room for further increases

Fry Electronics Team

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