Beef & Sheep Update 16th August

Beef Update

IFA Livestock Chairman Declan Hanrahan said cattle prices have edged upwards as supplies tighten on the ground. He said factories are struggling to source enough cattle to fill orders and are paying 5c/kg to 10c/kg above quotes to tie down deals this week as demand strengthens. The strong demand is also evident at mart sales where competition has intensified between factory agents and live exporters with prices paid for suitable factory fit cattle well above quoted prices. Declan Hanrahan said the reality is factories are very anxious for cattle and are sourcing cattle for next day processing and are willing to pay above quotes to secure supplies. Based on Bord Bia projections if correct, cattle throughput between now and year end is expected to be back between 50,000 to 60,000 head which will significantly reduce the numbers available to factories in the coming weeks.

He said Live export demand for store and finished cattle from Live exporters for NI and international markets is adding important competition to the trade and will further reduce the number of cattle available to factories. Prices in our key exports markets the UK and EU are strengthening which all points to strong and favourable conditions for beef which must be returned with higher prices paid to beef farmers.

Beef Price Update 16/08/2024

Base Quotes Steer €5.00/5.10kg. Heifers €5.05/5.15kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U €5.10/5.30Kg. Cows €4.30/4.90kg.

Supply Figures as Reported by DAFM - WK 32 (11.08.2024)

Official Irish Prices as Reported by DAFM - WK 32 (11.08.2024)

Official GB Prices as Reported by AHDB

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

LIVE EXPORTSW/C 05.08.2024

Sheep Update

IFA Sheep Chairman Adrian Gallagher said higher lamb prices are available to sellers this week despite static quotes. He said demand for lamb has strengthened against a backdrop of tight supplies as factories offer deals up to €7.50/kg and €7.60/kg on weights to 22kg to secure numbers of lambs for slaughter. The tight supply of lambs is evident in the weekly kills as total throughput runs 11% behind 2023 figures and spring lamb throughput remaining extremely low running 14% behind the same period. He said the mart trade continues to be a viable alternative for sellers as prices for quality lots are frequently exceeding prices offered by factories. The strong demand is also reflected in our key markets, with UK lamb prices rising by over 10p/kg in the past week. Store lamb sales have started positively and its crucial factories maintain strong and fair prices to underpin the trade for the remainder of the year. Cull ewe prices are making from €4.00kg to €4.40kg in general.

Lamb Price Update 16/08/2024

Spring Lamb €7.30kg/7.60kg. Weights to 22kg. Higher deals groups/larger lots. Ewes €4.00/4.40/kg.

Supply Figures as Reported by DAFM - WK 32 (11.08.2024)

Official Irish Prices as Reported by DAFM - WK 32 (11.08.2024)

Official GB Prices as Reported by AHDB

Live Sheep exports 30^th June 2024

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