Beef Update
IFA Livestock Chairman Declan Hanrahan said market conditions are favourable in our key export markets for beef. He said the UK beef price continues to increase week on week and is now 60c/kg above our price, while across the EU prices continue in a steady upward trajectory creating strong demand for Irish beef and ensuring the Bord Bia Prime Export Benchmark price is rising faster than our beef prices. The IFA livestock chairman said the facts of the market are very much at odds with the negative messages coming from some factories and their agents on beef price. He said projections for the year are for increased demand for beef in the UK market with consumption levels predicted to grow, providing further opportunities for Irish beef to continue to build on the increased volumes which went to this key market in 2023.
Based on Bord Bia projections there will be over 30,000 less finished cattle available to factories in the coming months and with strong growth projected in live exports this deficit could grow.
Beef Price Update 15/02/2024
Base Quotes Steer €5.15/5.25kg. Heifers €5.20/5.30kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U €5.20/5.50Kg. Cows €4.20/5.00kg.
Supply Figures as Reported by DAFM – WK 06 (11.02.2024)
| Animal | Number | Change prev wk | % of total | YTD | YTD Change |
| Y Bulls | 2,510 | ▼-867 | 7% | 18,392 | ▼-2,323 |
| Bull | 344 | ▼-175 | 1% | 1,955 | ▼-184 |
| Steer | 11,389 | ▼-1,315 | 34% | 69,879 | ▲2,475 |
| Cow | 9,235 | ▼-835 | 27% | 53,823 | ▲5,815 |
| Heifer | 10,003 | ▼-588 | 30% | 63,064 | ▲1,619 |
| Veal-V | 238 | ▲234 | 1% | 287 | ▼-1,485 |
| Veal-Z | 55 | ▲24 | 0% | 216 | ▼-85 |
| Total | 33,774 | ▼-3,522 | 100% | 207,616 | ▲3,665 |
Official Irish Prices as Reported by DAFM – WK 06 (11.02.2024)
| c/kg (Incl. VAT) | U3 | Change prev wk | R3 | Change prev wk | O3 | Change prev wk | P+3 | Change prev wk |
| Steers | 551 | ▼-2 | 543 | ▲0 | 533 | ▼-1 | 501 | ▼-1 |
| Heifers | 560 | ▼-1 | 547 | ▼-1 | 538 | ▼-2 | 491 | ▲0 |
| Y Bulls | 538 | ▲0 | 526 | ▼-4 | 513 | ▼-1 | 503 | ▼-2 |
| Cows | 0 | ▲0 | 479 | ▼-3 | 436 | ▲0 | 415 | ▼-3 |
Official GB Prices as Reported by AHDB
| Steers | Steers | Heifers | Heifers | Y bull | Y bull | Cow | |
| p/kg | R3 | R4L | R3 | R4L | R3 | R4L | -O4L |
| 03/02/2024 | 501.5 | 504.9 | 499.6 | 502.5 | 484.9 | 489.3 | 341.9 |
| 10/02/2024 | 502.8 | 505.5 | 501.3 | 504.3 | 489.1 | 484.7 | 362.5 |
| Change | ▲1 | ▲1 | ▲2 | ▲2 | ▲4 | ▼-5 | ▲2 |
| Price in c/kg (Incl VAT) | 617.4 | 620.7 | 615.5 | 619.1 | 600.6 | 595.2 | 445.1 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 29.01.2022 | 28.01.2023 | 03.02.2024 |
| EU + Y Bulls | € 4.57 | € 5.14 | € 5.02 |
| IE + Steers | € 4.33 | € 5.21 | € 5.19 |
| UK + Steers | € 4.91 | € 5.27 | € 5.78 |
Live Exports W/C 05.02.2024
Sheep Update
IFA Sheep Chairman Adrian Gallagher said lamb prices have increased by 20c/kg this week on the back of tight supplies and strong market demand. He said lambs are now making from €7.20kg to €7.40kg with higher prices for groups and larger lots. Cull ewes have also increase 10c/kg with prices ranging from €3.00kg to €3.40kg in general. The mart trade is very strong for all categories of sheep with prices exceeding what factories are offering in a lot of instances. The IFA sheep chairman said farmers should be mindful of the mart outlet when marketing lambs which is providing a competitive alternative for lambs.
Lamb Price Update 15/02/2024
Lamb €7.20/7.40/kg. Weights to 23kg. Higher deals groups/larger lots. Ewes €3.00/3.40/kg.
Supply Figures as Reported by DAFM – WK 06 (11.02.2024)
| Animal | Figure | Change | YTD | YTD Change |
| Lambs/Hoggets | 40,817 | ▼-7,262 | 262,915 | ▼-12,648 |
| Spring Lambs | 0 | ▲0 | 8,571 | ▲8,571 |
| Ewes and Rams | 4,701 | ▼-504 | 30,361 | ▼-8,402 |
| Light Lambs | 5 | ▼-3 | 18 | ▼-2 |
| TOTAL | 45,523 | ▼-7,769 | 301,865 | ▼-12,481 |
Official Irish Prices as Reported by DAFM – WK 06 (11.02.2024)
| c/kg (Incl. VAT) | This week | Change prev. wk | 2023 | Change prev. yr |
| National Avg Price | 684.90 | ▲4 | 603.97 | ▲81 |
| YTD Avg | 671.84 | ▲3 | 618.13 | ▲54 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 03/02/2024 | 647.2 | 643.5 | Old season lamb |
| 10/02/2024 | 666.1 | 662.2 | Old season lamb |
| Change | ▲19 | ▲19 | |
| Price in c/kg (Incl VAT) | 817.9 | 813.1 |
Live Sheep Exports 2023
