Speaking following the annual Bord Bia Meat Prospects Seminar, the President of ICMSA said that based on the data presented at today’s (Friday 5th) seminar there were grounds for optimism on beef prices in the year ahead based primarily on supply and demand developments.
Pat McCormack said that with EU production expected to only grow by 0.4% in 2018 and with the Irish cattle kill expected to only increase by about 30,000 head, it was highly unlikely that we would see supply-side pressures on the beef market in 2018 while Irish carcase weights are also likely to be lower given the change in production systems operated. He also pointed out that global demand for beef is expected to outpace supply in 2018 and this can only be positive for beef prices.
“In terms of issues around beef to be addressed in 2018, Brexit will remain a huge challenge while Mercusor is another massive concern. In terms of providing options to the beef industry, it’s obvious that progress must be made speedily in opening the Chinese and other Asian markets to Irish beef given the opportunities they represent and the options they provide for our beef industry. But, overall, we’d be confident based on the data presented at the seminar that the market will return positive prices in 2018”, said the ICMSA President.
Ends 5 January 2018.
Pat McCormack, 087-7608958
Cathal MacCarthy, 087-6168758
ICMSA Press Office