Meat in ‘speculation’ requirements

  • Meat in ‘speculation’ requirements
    FarmIreland.t. E.
    Meat processors on the allegations that the plants were involved in speculation due to a decline in livestock prices during drought.
    https://www.independent.ie/business/farming/beef/beef-trade/meat-processors-hit-back-at-profiteering-claims-37168618.html
    https://www.independent.ie/regionals/wicklowpeople/news/article35796034.ece/0d8a3/AUTOCROP/h342/2017-06-07_wic_31705403_I1.JPG

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Meat processors on the allegations that the plants were involved in speculation due to a decline in livestock prices during drought.

Farm organizations claimed the meat factories are a permanent lack of grass and heavy farm drought by reducing prices of cattle for 10-15C/kg.

But meat industry Ireland (MII) has rejected the allegations and called the criticism as “inaccurate and unsubstantiated”.

Cormac Healy, MII accused of discount prices because of lower demand for specific beef and increase beef supplies throughout Europe.

“In recent weeks we are seeing a much larger number of cattle coming out than normal for this time of year. In the month of July to date has seen throughput of cattle for 11pc compared with the same period last year and 18pc higher than in 2016,” Mr. Healy said.

“The same trend is evident in many member States of the EU. Additional breeding go to the market across Europe, which is experiencing the same drought as Ireland, resulting in more beef than the market could struggle.

“Meat processing plants buy more cattle, an average of 3500 units per week more than this time last year, but this is a delicate balancing act now.”

Mr. Healy said that the pressure increased deliveries from manufacturers, the EU is 16pc lift of the import of beef from South America.

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Salon-fed concentrate will make up a significant portion of the daily requirement of fodder in drought conditions, according to the Committee.

The surplus supply is also a result, plants are forced to freeze product, which devalues it, he argued.

Mr. Healy said that Irish factories are still paying for R grade steers and 418c/kg for R grade heifers last week 405-406c/kg and that the return was long before the prices prevailing in the major continental markets.

However, Angus woods of IFA are the prices of cattle in the UK, Ireland’s main export market was the equivalent of €4.46/kg, including VAT. This difference is approaching 40C/kg or €140/HD.

Last week, IFA President Joe Healy called on the Minister of agriculture, Michael creed to interfere with the plants to stop the decline in beef prices.

He argued that factories cut unreasonably cattle prices in recent weeks and destabilized the beef market and undermines the confidence of the farmer.

X’s President Patrick Kent has demanded urgently to review measures to support the market, such as AIDS to private storage (APS) scheme for beef.

“Drought, which causes many problems for beef farmers so it is important that we consider all possibilities to prevent the crisis,” he said.

“APS can serve as a means for obtaining a first-class livestock moving through the plants in sufficient quantity so not to cause significant distortion of the market.”

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