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Beef & Sheep Update 3rd May

Beef Update

IFA Livestock chair Declan Hanrahan said tight supplies and strong demand are driving the beef trade in our key export markets. The EU Benchmark Price has increased by 13c/kg since the beginning of April, with the UK beef price steady at over 60/kg above our price. “Factories had to increase quotes by over 5c/kg last week, but this is not keeping pace with market prices and must increase further. Most factories are quoting €5.15/kg for steers and €5.20/kg for heifers. In reality, they are having to pay 5c-15c/kg above these prices to secure cattle,” he said. He said prices of up €5.30/kg base price have been offered this week. This is a clear indication of the direction that beef prices must take over the coming weeks and months. Bord Bia is predicting a reduction of 30,000 to 40,000 cattle for the year. Supplies will be extremely tight over the coming weeks and months. Some 70,000 fewer cattle will be available between now and year end, compared to 2023.

Beef Price Update 02/05/2024

Base Quotes Steer €5.15/5.30kg. Heifers €5.15/5.35kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U €5.25/5.50Kg. Cows €4.30/5.00kg.

Supply Figures as Reported by DAFM – WK 17 (28.04.2024)

AnimalNumberChange prev wk% of totalYTDYTD Change
Y Bulls1,900▲1976%41,493▼-1,513 
Bull644▼-28 2%8,020▼-134 
Steer12,377▼-226 37%207,604▲4,998
Cow7,654▼-365 23%146,207▲18,440
Heifer9,842▼-65 30%175,111▲8,590
Veal-V728▼-152 2%17,118▼-13,218 
Veal-Z19▼-13 0%878▲81
Total33,164▼-652 100%596,431▲3,665

Official Irish Prices as Reported by DAFM – WK 17 (28.04.2024)

c/kg (Incl. VAT)U3Change prev wkR3Change prev wkO3Change prev wkP+3Change prev wk
Y Bulls545▲2532▲0517▲3505▲1

Official GB Prices as Reported by AHDB

 SteersSteersHeifersHeifersY bullY bullCow
Change▲0▼-1 ▼-1 ▼-1 ▲1▲5▲2
Price in c/kg (Incl VAT)606.2608.1604.4607.9594.1594.3469.4

Live Exports W/C 15.04.2024

Source: Bord Bia

Sheep Update

IFA Sheep Chairman Adrian Gallaher said lamb numbers continue to tighten as factories dig in for supplies. Total throughput for 2024 is back 10% on 2023 figures and for the second consecutive week total throughput has emerged below 35,000 head which is back near 15,000 head on the same period in 2023. He said the tight supply of lambs has not only been confined to Ireland but across the UK also which operates 7% behind 2023 figures. Supply forecasts for the EU has projected a 2% decline in sheep throughput for the first half of 2024 which equates to approx. 580,000 head reduction. Adrian Gallagher said despite factories trying to reduce lamb and hogget quotes the availability of lambs are not on the ground and factories are having to pay above quoted prices to secure supplies. The IFA sheep chairman said farmers should sell hard and be mindful of mart trade which has proven to be a competitive alternative for sellers at present. 

Sheep Price Update 02/05/2024

Hogget €9.20/9.50/kg. Weights to 24kg. Spring Lamb €9.50kg/9.80kg. Weighs to 21.5kg. Higher deals groups/larger lots. Ewes €4.10/4.50/kg.

Supply Figures as Reported by DAFM – WK 17 (28.04.2024)

AnimalFigureChangeYTDYTD Change
Lambs/Hoggets27,907▼-994 742,091▼-77,084 
Spring Lambs3,157▲1,23216,976▼-2,455 
Ewes and Rams3,646▼-56 81,026▼-9,067 
Light Lambs2▲057▼-32 

Official Irish Prices as Reported by DAFM – WK 17 (28.04.2024)

c/kg (Incl. VAT)This week Change prev. wk2023Change prev. yr
National Avg Price861.14▲23675.73▲212
YTD Avg733.19▲11624.81▲127

Official GB Prices as Reported by AHDB

 R3L Overall SQQ*Type of lamb
20/04/2024866.1860.5Old season lamb
27/04/2024856.7849.6Old season lamb
Change▼-9 ▼-11  
Price in c/kg (Incl VAT)1051.91043.2 

Live Sheep Exports March 31st 2024

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