April 18, 2011

Great Britain sees rise in beef prices

British beef prices published this week broke through the GBP3/kg (US$4.89) barrier for the first time.

The deadweight R4L steer price for Great Britain stands at GBP3.03/kg (US$4.94), which is 9% ahead of the same time last year.

Nick Allen, sector director for EBLEX said, "For producers, it is encouraging to see the beef price break through the GBP3/kg (US$4.89) barrier. It is an inevitable consequence of shortened supply and rising costs of production.

"It will bring beef farmers closer to a sustainable price because most have been losing money on every beast for some considerable time. We believe this trend will continue. Prices for all meat proteins will rise as they are driven by rising costs, particularly in terms of cereal prices, and a global shortening of supply," Allen said.

The overall average prime cattle deadweight price last week was GBP2.939/kg (US$4.79).