Beef Prices Fall, Leaving Farmers Under Financial Pressure

Strategic Insights -

Farmers who invested in expensive store cattle are now under financial pressure to make returns in a falling market. The Ulster Farmers' Union (UFU) has warned that sheep farmers are facing an "unacceptable" situation due to the Department of Agriculture's lack of action, which could lead to many businesses not surviving. Beef prices have been falling by an average of 10p per week since the end of April, with the average steer price dropping to 651p/kg in the week ending June 7, a decline of almost 30p in a single month.

Key Takeaways:

  • Beef prices have been falling by an average of 10p per week since the end of April.
  • The average steer price dropped to 651p/kg in the week ending June 7, a decline of almost 30p in a single month.
  • This equates to a loss of approximately £114 on a 380kg carcase.
  • Factory beef prices have been falling in both Great Britain and the Republic of Ireland, though supplies remain tight across these regions.
  • The Ulster Farmers' Union (UFU) is calling for the Department of Agriculture to establish a dedicated sheep co-design group to address the lack of support for sheep farmers.
  • The Sheep Taskforce is renewing its call for DAERA to establish a dedicated sheep co-design group, focusing on genetic improvement programs, animal health and welfare initiatives, sustainable land management, capital investment support, and research and innovation specific to sheep production.
  • Many NI farmers rely solely on sheep enterprises for their livelihoods and are facing volatile markets, rising costs, and a looming 17% cut to their Basic Payment Scheme without meaningful support.
  • Without direct support, many businesses will not survive.

Statistics:

  • Average decline in factory beef prices: 10p per week since the end of April.
  • Decline of almost 30p in a single month: June 7, week ending, average steer price: 651p/kg.
  • Loss of approximately £114 on a 380kg carcase.
  • 17% cut to Basic Payment Scheme facing sheep farmers.

Sources:

  • Ulster Farmers' Union (UFU) deputy president Glenn Cuddy, quoted in the article.
  • News article from "Steven Moore" (no date or publication provided).
  • Note: The exact publication date of the article by "Steven Moore" is not provided. If a date is not explicitly stated, I do not add one.