Falling Beef Prices Costing Irish Farmers Up To £2M Per Week

News in brief: The Irish Farmers' Association (IFA) is concerned about the decline in beef prices, leading to an estimated weekly loss of £2 million for its members. It is urging meat factories to address the widening gap between Irish beef prices and export benchmark prices to alleviate the financial strain on farmers already facing challenges from bad weather and rising costs.

The Irish Farmers’ Association (IFA) is lamenting the current dip in beef prices, estimating that the situation is costing its members around £2 million per week.

President of the association, Tim Cullinan, made a call for meat factories to immediately address the gap between Irish beef price and the Board via export benchmark price, which currently stands at 19c/kg. Meanwhile, until then, the association expects the gap to continue to widen.

The situation is further compounded by the fact that it is happening at a time when farmers are really struggling due to bad weather and escalating costs. Cullinan lamented that it is a worse situation for Ireland in the midst of a downward trend in global beef prices.

Supporting the view, the association’s National Livestock Committee chair, Brendan Golden, called on factories to support farmers saying that they were deliberately being shortchanged.

Price quotes have dropped approximately 60c/kg for heifers and bullocks (steers), since it peaked in April, translating to 210/head on a 350kg carcass. Sellers are expecting a further 5c/kg price reduction for next week’s cattle.

The IFA represents the interests of all sectors of farming in the Republic of Ireland and it is Ireland's largest farming representative organisation, operating for over 60 years. It represents Irish farmers at home and in Europe, lobbying and campaigning for improved conditions and incomes for farm families.