Beef prices broke through the 300p/kg barrier for the first time ever this week, it has emerged.
The deadweight R4L steer price for Great Britain stood at 302.5p/kg, which is 26p, or 9%, ahead of the same time last year.
The overall average prime cattle deadweight price last week was 293.9p/kg.
Nick Allen, sector director for Eblex, said: “For producers, it is encouraging to see the beef price break through the 300p/kg barrier. It’s 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.”