NORTHERN IRELAND – Northern Irish cattle consistently make more than the plants quote, according to the Livestock and Meat Commission of Northern Ireland.
Delays in updating changes in base quote are leading to inaccurate quoting at an average of 7.4 pence per kilo below final paid price.
LMC analysts say the price disparity varies, ranging from 4.8 to 10 pence per kilo above quote level from week to week.
They say beef prices are typically paid for on a price grid, using the U3 grade as a yardstick for other grades. Some ‘variation in its application’ from plant to plant exists.
“There appears to be a time lag between changes to the base quote and changes in the prices being paid,” said an LMC spokesperson.
“This is understandable given that some cattle are being forward bought with some animals killed in any particular week purchased at the previous week’s prices.
“With this differential in quoted prices and the prices being paid it is important that producers check with the factories and negotiate to get the best possible deal.”