September 8, 2011

High demand jacks up British beef prices

The high demand for beef in UK have pulled also pulled up their prices.

The National Beef Association (NBA) said they are prompted to pull in the number of cattle needed to meet the burgeoning demand.

The association says the hunger for in-specification prime stock hit unprecedented levels and many large companies instructed buyers to ignore list prices, usually set at the end of the week, and pay "whatever is necessary" to fill their pens.

This resulted in competing companies offering up to 5p per kg more than had been agreed just a weekend earlier so they could be sure of meeting retail and export orders.

The association is urging its members to be aware that prices are moving forward on a daily basis and should not be left behind by asking too little when completing a sale.