The average Irish 'R3' steer price has slipped 10c/kg below the EU average price, the latest data from Bord Bia has shown.

As of the week ending Saturday, January 31, the average Irish 'R3' steer price was €7.11/kg, 10c/kg behind the average EU price equivalent of €7.21/kg.

From Saturday, January 3, to Saturday, January 31, the average EU beef price increased from €7.25 to €7.36/kg.

In the same time period, the average Irish 'R3' steer price fell from €7.21 to €7.11/kg.

In recent years, the average Irish beef price generally trends ahead of the average EU price and slightly below the average UK 'R3' steer price but there are exceptions to this trend from time-to-time.

The graph below shows the average 'R3' steer price versus the UK and EU equivalents:

While Irish beef prices are currently lagging behind those in the UK and EU, the year has seen a record start with the average Irish beef price for the first week of this year settling at €7.21/kg versus €5.64/kg in the first week of last year and €5.05/kg in the first week of 2024.

Irish beef prices

This week's factory quotes sees beef price offers remain largely unchanged for the fifth consecutive week with official quotes approximately 90c/kg above this time last year.

While the official quotes from most processors have not changed much in the past five weeks, procurement staff are admitting there is slightly more money being tabled for choice lots of in-spec heifers and steers (bullocks) this week.

Overall, the sentiment from factory procurement staff seems to be more steady to positive, with no talk currently of any price cuts on beef in the short-term at least.

This week, heifers are being quoted at €7.10/kg on the grid and steers (bullocks) are being quoted at €7.00/kg on the grid, generally speaking.

At the higher-end of official price offers, €7.10-€7.15/kg has been tabled for steers, and €7.20/kg on the grid has been tabled again this week for heifers.

Some outlets are admitting that slightly above their official base price offer is available for choice lots of under-30-months-old heifers and steers.

Breed bonuses are generally at 15c/kg and 20c/kg for Hereford and Angus cattle respectively, but up to 30c/kg remains available at some outlets for in-spec Angus heifers and steers with carcass-weights from 300-380kg.