National Farmers Union (NFU) livestock board chair Richard Findlay has today ( Tuesday, July 26) voiced his “concern” over recent price trends in the UK beef market.
Findlay has commented on the prices that farmers have received for their produce recently, and warned that confidence in beef production in the UK would be eroded because of current trends.
“There is growing concern that we’re seeing sustained falls in the GB beef price. In the last eight weeks we’ve seen over 20p/kg deadweight come off the clean steer price,” he said.
“If the current trend continues, confidence in UK production, which is already low, will be further eroded as livestock producers look to manage input costs of feed and fertiliser, and will be considering whether they can make the SFI23 (Sustainable Farming Incentive) offer work for them.”
Regarding the downturn in the UK beef prices, Findlay provided his own opinions regarding the influences of inflation and food consumption on the production of beef in the UK.
“Certainly the cost of living crisis driven by food inflation continues to have an impact on demand,” he continued.
“We have seen the beef category in UK retail fall by 2.7%, with consumers choosing to trade down to cheaper proteins and lower priced options.
“However, it’s not all bad, red meat consumption has held up pretty well despite food inflation hitting 17.3%,” he added.
“But when we see the market share of meat alternatives declining by 12.9% it tells me that consumers still value the quality and nutritious value of red meat in their diet.”
However the NFU livestock board chair said he remains frustrated about the prices that farmers are currently receiving and believes that they are not being sufficiently compensated for their produce.
“With worldwide demand continuing to outstrip supply I find it frustrating that our hard-working members are not adequately rewarded for the investment, risk and time they put into producing such a quality product,” he explained.
