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Beef prices continue to tumble and, by midweek, base quotes on prime cattle reached their lowest level in almost four years.
With processing plants closing for two days over the Easter period, base quotes have been cut by 4p to 6p/kg.
The range of factory quotes for U-3 grading cattle start on 310p/kg at one plant, while others are working from a base of 318p to 320p/kg.
Base prices last dipped below 320p/kg across a range of plants back in June 2016.
Steers sold earlier this week were paid 324p/kg, but reports indicate that prices have slipped back to 320p/kg for animals moving off farm in the coming days.
Heifers were securing 328p/kg, but have also eased as the week progressed.
Holiday closures have created a small backlog of farmers looking to book animals for slaughter, which is also undermining prices at present.
Priority is being given to farmers with bigger numbers of in-spec animals to offload, as well as specialist finishers selling cattle on a regular arrangement.
Across the water, prices in Britain are also under pressure, but R4L grading animals moving in the higher 330p/kg price range.
South of the border, Irish beef prices on prime cattle have slipped to a 10-year low on a base of €3.40/kg (300p/kg).
Last week, the average price paid across all steers and heifers in NI was 326.42p/kg, down 5p/kg on the week.
The average paid on U3 steers also fell by 5p to 334.4p/kg, with U3 heifers averaging 338.9p/kg, down 4p/kg on the week.
The loss of the food service market has seen imports of Irish cattle for direct slaughter at Northern Ireland plants grind to a halt.
Cows
Processing demand for cull cows is weak, but it has steadied, with base quotes for R3 grading animals on 245p/kg, while O+3 cows start from a base of 235p/kg.
Hogget trade
As forecast last week, the trade in hoggets has steadied, with prices on the rebound this week.
The number of hoggets offered for processing is very low and with growing demand from the plants south of the border, the short-term outlook is healthier.
The best quote is 450p/kg with other plants on 440p/kg, making a hogget worth £99 at the 22kg weight limit.
Spring lamb quotes are commanding a 30p/kg premium over the hogget price at 480p/kg, payable to a weight limit of 21kg.
However, due to the lower weight limit, spring lambs are only worth £2 more than hoggets.
Sellers will obviously be looking for an improved price for their new-season lambs.
While the trade is being underpinned by demand for the Easter trade, the feeling in the market is that quotes will hold or improve after Easter, as demand is expected to remain solid and supplies of factory-fit lambs will remain low in the short term.
The auction marts remain closed there is no active live trade and no prices available for hoggets, lambs or ewes.
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