Beef Update
IFA Livestock chair Declan Hanrahan said buoyant beef markets must be reflected in beef prices to farmers. He said the relentless opportunism by meat factories in undermining strong markets will not be tolerated. “Every week that goes by cattle coming from sheds have incurred higher costs and factories must reflect this in beef prices,” he said. Declan Hanrahan said in reality factories are very anxious for cattle and are freely paying 10c/kg above quoted prices and looking for cattle for next day processing. The buoyancy in our key beef markets – the UK and EU – is reflected in the Bord Bia Prime Export Benchmark Price which has now moved to over 6c/kg above ours as beef prices in these markets continue to rise driven by strong demand and tight supplies. “The roll out of the PGI for Irish Grass Fed Beef in the coming weeks must add additional value to Irish beef. There is no point in the Minister for Agriculture and Bord Bia talking about the importance of the PGI status in marketing Irish beef if it does not generate a significant return for farmers,” he said. He said factories and Bord Bia must ensure the additional value associated with beef sold under the Grass Fed PGI transfers directly to the pockets of beef farmers.
Beef Price Update 07/03/2024
Base Quotes Steer €5.10/5.20kg. Heifers €5.15/5.30kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U €5.10/5.40Kg. Cows €4.00/4.80kg.
Supply Figures as Reported by DAFM – WK 09 (03.03.2024)
| Animal | Number | Change prev wk | % of total | YTD | YTD Change |
| Y Bulls | 2,557 | ▼-98 | 6% | 26,570 | ▼-2,073 |
| Bull | 483 | ▲11 | 1% | 3,345 | ▼-380 |
| Steer | 13,313 | ▼-258 | 34% | 110,037 | ▲4,184 |
| Cow | 9,623 | ▲442 | 24% | 82,145 | ▲10,862 |
| Heifer | 10,945 | ▼-862 | 28% | 97,208 | ▲3,919 |
| Veal-V | 2,419 | ▲737 | 6% | 5,154 | ▼-8,630 |
| Veal-Z | 60 | ▼-92 | 0% | 532 | ▲30 |
| Total | 39,400 | ▼-120 | 100% | 324,991 | ▲3,665 |
Official Irish Prices as Reported by DAFM – WK 09 (03.03.2024)
| c/kg (Incl. VAT) | U3 | Change prev wk | R3 | Change prev wk | O3 | Change prev wk | P+3 | Change prev wk |
| Steers | 546 | ▼-2 | 535 | ▼-4 | 525 | ▼-3 | 492 | ▲0 |
| Heifers | 555 | ▼-1 | 541 | ▼-3 | 532 | ▼-3 | 478 | ▼-9 |
| Y Bulls | 530 | ▼-7 | 518 | ▼-6 | 505 | ▼-3 | 495 | ▼-4 |
| Cows | 0 | ▲0 | 472 | ▼-1 | 424 | ▼-2 | 404 | ▼-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 |
| 24/02/2024 | 504.2 | 505 | 503.2 | 505.7 | 490.5 | 491.8 | 347.2 |
| 02/03/2024 | 503.6 | 507.1 | 503.5 | 505.7 | 492.8 | 487.0 | 348.7 |
| Change | ▼-1 | ▲2 | ▲0 | ▲0 | ▲2 | ▼-5 | ▲3 |
| Price in c/kg (Incl VAT) | 618.4 | 622.7 | 618.3 | 621.0 | 605.1 | 598.0 | 451.5 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 19.02.2022 | Not Available | 24.02.2024 |
| EU + Y Bulls | € 4.64 | Not Available | € 5.05 |
| IE + Steers | € 4.38 | Not Available | € 5.14 |
| UK + Steers | € 4.89 | Not Available | € 5.79 |
Live Cattle Exports W/C 26.02.2024
Sheep Update
IFA Sheep Chair Adrian Gallagher said demand for sheep meat is intensifying every week against a backdrop of tight supplies. He said factories are struggling to match supplies with demand for the upcoming Easter and Ramadan festivals, which are major annual events for sheep meat demand. Both festivals falling in the month of March has intensified the pressure on factories to service key customers in the coming weeks. Adrian Gallagher said, importantly, this demand is also reflected in our key markets, with UK sheep meat prices rising by 30p/kg “Prices this week are ranging from €8.10/kg to €8.30/kg in general, with up to €8.50/kg paid to weights of 24kgs. Cull ewes are making from €3.30/kg to €3.70/kg in general.” He said sheep farmers should sell hard given the very strong and rising markets.
Lamb Price Update 07/03/2024
Lamb €8.10/8.50/kg. Weights to 24kg. Higher deals groups/larger lots. Ewes €3.30/3.60/kg.
Supply Figures as Reported by DAFM – WK 09 (03.03.2024)
| Animal | Figure | Change | YTD | YTD Change |
| Lambs/Hoggets | 44,367 | ▲5,398 | 387,879 | ▼-24,421 |
| Spring Lambs | 0 | ▲0 | 8,571 | ▲8,571 |
| Ewes and Rams | 4,920 | ▼-674 | 45,668 | ▼-9,281 |
| Light Lambs | 3 | ▲2 | 22 | ▼-8 |
| TOTAL | 49,290 | ▲4,726 | 442,140 | ▼-25,139 |
Official Irish Prices as Reported by DAFM – WK 09 (03.03.2024)
| c/kg (Incl. VAT) | This week | Change prev. wk | 2023 | Change prev. yr |
| National Avg Price | 756.32 | ▲24 | 610.45 | ▲146 |
| YTD Avg | 691.11 | ▲8 | 613.96 | ▲77 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 24/02/2024 | 703.6 | 699.6 | Old season lamb |
| 02/03/2024 | 752.8 | 721.7 | Old season lamb |
| Change | ▲49 | ▲22 | |
| Price in c/kg (Incl VAT) | 924.4 | 886.2 |
Live Sheep Exports February 1st 2024
