Beef & Sheep Update 5th July

Beef Update

IFA Livestock chair Declan Hanrahan said attempts by factories to undermine beef prices this week are unnecessary and must stop. He said demand for beef is expected to pick up over the summer months in our key markets against a backdrop of tighter supplies of cattle. UK production is predicted to tighten considerably as we move through the year, with prices remaining strong. UK prices are more than 60c/kg above ours. "This gap in prices with our most important market is not acceptable and must be closed. Volumes of beef sold into this market increased significantly in 2023 and grew a further 25% earlier this year, which must be reflected in beef prices to farmers," he said. Declan Hanrahan said EU beef production fell by 3.9% in 2023, with a further reduction of 2.3% predicted for the year. Consumption levels of beef are reasonably stable. If Bord Bia calculations are correct, supplies of cattle here are projected to be back between now and year end by up to 60,000 head. The IFA livestock chair said all of this points to strong and favourable conditions for beef, which must be returned to farmers by factories in higher prices. "Farmers should sell hard and ignore the unfounded negativity on beef prices from factories and their agents," he concluded.

Beef Price Update 04/07/2024

Base Quotes Steer €5.10/5.20kg. Heifers €5.15/5.25kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U €5.20/5.40Kg. Cows €4.30/4.80kg.

Supply Figures as Reported by DAFM - WK 26 (30.06.2024)

Official Irish Prices as Reported by DAFM - WK 26 (30.06.2024)

Official GB Prices as Reported by AHDB

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

Live Cattle ExportsW/C 10.06.2024

Sheep Update

IFA Sheep chairman Adrian Gallagher has hit out at factories for undermining the sheep trade. "For four weeks in a row, the factories have pulled prices. The level of cuts isn't reflecting what's happening in the trade in our key export markets and sets the sector on a very dangerous path for the remainder of the year," he said. "Sheep farming is a low-income vulnerable sector. The scale of price cuts is undermining farmers' viability and squeezing their margins even more. It's a very depressing scenario for producers who have invested so much," he said. Adrian Gallagher called on factories to be responsible in their pricing of lambs and hoggets, and to stand firm in the market place to maintain prices to sheep farmers. He said supplies of sheep meat produced in the EU and the UK are down this year. Adrian Gallagher said factories must stand firm with the supermarkets and not engage in a race to the bottom on price. He also said the upcoming Budget is an opportunity to provide supports to sheep farmers.

Lamb Price Update 04/07/2024

Spring Lamb €7.70/8.00/kg. Weights to 21.5kg. Hogget €6.70/7.00kg. Weights to 24kg. Higher deals groups/larger lots. Ewes €3.90/4.30/kg.

Supply Figures as Reported by DAFM - WK 26 (30.06.2024)

Official Irish Prices as Reported by DAFM - WK 26 (30.06.2024)

Official GB Prices as Reported by AHDB

Live Sheep Exports March 31st 2024

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