The four largest beef processors have agreed to share weekly pricing information with the Agri-Food Regulator.

ABP, Dawn Meats, Kepak and Liffey Meats will share weekly reported values for beef forequarter, beef hindquarter and 500g packs of 5% fat content beef minced meat, as provided by the processors to the Department of Agriculture, Food and the Marine under EU market transparency regulations.

The regulator will aggregate the values collected from each processor to produce a single average aggregate figure for each of the forequarter, hindquarter and minced beef values.

These aggregated values will be published by the regulator every week and intended to provide an indicative price for the realisable value for beef at this stage of the supply chain.

Together, the four companies account for more than 80% of the national beef kill.

"The initiative to publish this information enhances transparency in the supply chain by providing an estimate of the value of beef accruing at the processing stage," said Niamh Lenehan, CEO of Agri-Food Regulator.

The first report, which is available on the regulator's website, includes an overview of the methodology agreed between the processors and the Department of Agriculture, Food and the Marine, as well as the regulator’s methodology when aggregating the reported values.

“I would like to acknowledge the positive engagement from the beef processors involved, in addition to Meat Industry Ireland and the Department of Agriculture, Food and the Marine," said Lenehan.

"The reporting now by the Regulator is an important further step in improving transparency in the beef sector. We will continue to work with primary producers and their end processors with a view to publishing similar reports in the future."

Under the act of law that established An Rialálaí Agraibhia (the Agri-Food Regulator) last December, the regulator may "seek from businesses within the agricultural and food supply chain any data impacting upon price and margins considered necessary."

The regulator met with representatives from ABP, Dawn Meats, Kepak and Liffey Meats in August and September with a view to securing their agreement to share their prices.

(Pic: Getty Images)