Protesting beef farmers say €100m aid package not enough
THE beef industry in Ireland is at crisis point, according to protesting beef farmers, who say the Government’s €100 million aid measure is ‘not a fraction of what is needed’. Mayo beef farmers picketed outside the Dawn Meats beef factory in Ballyhaunis yesterday (Monday), protesting at what they say is the exploitation of farmers by beef processors. The protest, organised by the Beef Plan Movement, comes in light of a €100 million aid package announced by the Minister for Agriculture, Michael Creed which will be made available to beef farmers experiencing difficulties as a result of Brexit. The Beef Exceptional Aid Measure (BEAM), jointly funded by the Government and the EU, is aimed at countering problems farmers are facing because of market volatility and uncertainty over Brexit.
Beyond Meat Inc. bulls signalled they are getting nervous as shares of the faux meat maker fell as much as 14% Monday before trimming losses ahead of second-quarter earnings, which are due after the close.
While Wall Street sees the company’s full-year revenue guidance as conservative — with the average estimate compiled by Bloomberg above Beyond’s forecast — the stock’s 33% gain last week has raised the bar. The latest rally has extended the stock’s post-IPO surge to 840% through Friday’s close, the highest return among new issues in the U.S. this year.
Farming leaders say the measures required to bring the UK beef industry “back from the brink” rely on supermarkets, meat processors and the food service sector stimulating demand and guaranteeing transparency by putting the country of origin on their labels.
The presidents of the Scottish, English, Welsh and Ulster farmers’ unions met in crisis talks at the Royal Welsh Show at Llanelwedd yesterday as the beef industry continues to struggle with a long period of depressed prices, and their short-term solution was an appeal to retailers to step up the promotion of UK-produced beef, which is safe, high-quality and fully traceable.
They insisted urgent and collaborative action across the entire supply chain was necessary and said the downward pressure on farm gate prices could not be allowed to continue.
“While we accept that this is a complex situation and there are a number of factors affecting this drop in price, beef farmers cannot continue to sustain this decrease any longer,” they said.