It’s a case of shutting the stable door after the horse has bolted for beef prices, as many factories have opted to keep quotes at last week’s levels.

Procurement managers had worked to drop base quotes by 15c/kg over the past three weeks and now that prices are sitting around the 400c/kg mark, many have decided to steady the ship.

The majority of processors are now offering 400c/kg for steers and 410c/kg for heifers – a far cry from the 420c/kg and 430c/kg on offer a few weeks ago.

Taking a 380kg steer carcass as an example, the price cut represents a value loss of €57/head and this is bound to have a negative impact on finishers’ margins.

However, finishers have been more stern in their marketing in recent days and many producers with large numbers to slaughter are holding out for 405c/kg for steers and 415c/kg for heifers.

Moving on to the cow trade, the majority of processors have held cow quotes at last week’s levels. Well-fleshed, R-grade cows are sitting at 340-350c/kg, 320c/kg is being offered for P grades and 310c/kg for the plainer O-grade animals.

‘No market basis for price pressure’

In addition, official figures show that there has been some movement in the cumulative cattle this year.

Department figures show that some 803,004 head of cattle have been slaughtered in approved export plants this year – an increase of 36,698 head or 4.8% on the corresponding period in 2016.