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Beef & Sheep Update 8th March

Cattle and Sheep in Wicklow Field, Ireland

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)

AnimalNumberChange prev wk% of totalYTDYTD Change
Y Bulls2,557▼-98 6%26,570▼-2,073 
Steer13,313▼-258 34%110,037▲4,184
Heifer10,945▼-862 28%97,208▲3,919
Veal-Z60▼-92 0%532▲30
Total39,400▼-120 100%324,991▲3,665

Official Irish Prices as Reported by DAFM – WK 09 (03.03.2024)

c/kg (Incl. VAT)U3Change prev wkR3Change prev wkO3Change prev wkP+3Change prev wk
Steers546▼-2 535▼-4 525▼-3 492▲0
Heifers555▼-1 541▼-3 532▼-3 478▼-9 
Y Bulls530▼-7 518▼-6 505▼-3 495▼-4 
Cows0▲0472▼-1 424▼-2 404▼-3 

Official GB Prices as Reported by AHDB

 SteersSteersHeifersHeifersY bullY bullCow
Change▼-1 ▲2▲0▲0▲2▼-5 ▲3
Price in c/kg (Incl VAT)618.4622.7618.3621.0605.1598.0451.5

Euro Price for the Most Recent Week  (€/KG Deadweight excl. VAT)

Country & Type19.02.2022Not Available24.02.2024
EU + Y Bulls€ 4.64Not Available€ 5.05
IE + Steers€ 4.38Not Available€ 5.14
UK + Steers € 4.89Not 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)

AnimalFigureChangeYTDYTD Change
Spring Lambs0▲08,571▲8,571
Ewes and Rams4,920▼-674 45,668▼-9,281 
Light Lambs3▲222▼-8 

Official Irish Prices as Reported by DAFM – WK 09 (03.03.2024)

c/kg (Incl. VAT)This week Change prev. wk2023Change prev. yr
National Avg Price756.32▲24610.45▲146
YTD Avg691.11▲8613.96▲77

Official GB Prices as Reported by AHDB

 R3L Overall SQQ*Type of lamb
24/02/2024703.6699.6Old season lamb
02/03/2024752.8721.7Old season lamb
Price in c/kg (Incl VAT)924.4886.2 

Live Sheep Exports February 1st 2024

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