Irish beef prices saw the strongest decline recorded across the EU’s beef markets last month, according to the Irish Independent.
The figures from the European Commission arrive as Ireland’s beef industry has continued to undergo formal talks with farmers.
Farmers claim that they are not seeing a fair return of the profits for their work.
The Irish Independent reported that, as the sterling weakens in the UK, Irish beef is becoming less competitive there, and this is being reflected in the returns given to farmers.
According to the figures from the EU Commission, Ireland ranked eighth in the EU table of beef prices.
Ireland’s equivalent R3 heifer price for this month fell by over 20% from the previous month.
This put us behind both Northern Ireland and Britain, where beef prices for prime cattle have also been under pressure over the last few months.
The report suggested that supplies of beef are ahead of demand, and it was highlighted that there is a lot of beef in storage which is putting downward pressure on trade.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.