Beef Update
IFA Livestock Chair Declan Hanrahan said beef prices are edging upwards, but more is needed from the market. UK prices have also increased again in the past week and are currently over €1/kg above our price. Declan Hanrahan said the gap in beef prices with our key markets is not acceptable and must be closed immediately. “Demand for beef is strong and will only increase further as supplies in the UK and EU are tight, contributing to the higher prices in these destinations,” he said. Base prices of €5.10kg and €5.15kg for steers and heifers are available this week and when pushed factories are paying 5c/kg to 10c/kg above quotes to secure supplies. Cow prices have also increased with prices now ranging from €4.40kg to €5.00kg depending on the grade. He said prices paid by factory agents in marts are frequently above what some factories are offering and is a credible alternative for farmers unable to secure the higher factory prices. “The market justifies further increases in beef prices and factories must close the gap with the Bord Bia prime export benchmark price and align prices based on the strength of our key markets we are exporting into,” he concluded.
Beef Price Update 24/10/2024
Base Quotes Steer €5.10/5.25kg. Heifers €5.15/5.30kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U €5.20/5.40Kg. Cows €4.40/5.00kg.
Supply Figures as Reported by DAFM – WK 42 (20.10.2024)
| Animal | Number | Change prev wk | % of total | YTD | YTD Change |
| Y Bulls | 1,413 | ▲171 | 3% | 87,244 | ▼-7,709 |
| Bull | 526 | ▲50 | 1% | 24,084 | ▲811 |
| Steer | 17,185 | ▼-1,134 | 42% | 554,734 | ▼-8,151 |
| Cow | 9,829 | ▲624 | 24% | 349,184 | ▲32,702 |
| Heifer | 11,756 | ▼-143 | 29% | 409,688 | ▲17,281 |
| Veal-V | 41 | ▲9 | 0% | 20,321 | ▼-10,297 |
| Veal-Z | 27 | ▲3 | 0% | 1,494 | ▲172 |
| Total | 40,777 | ▼-420 | 100% | 1,446,749 | ▲3,665 |
Official Irish Prices as Reported by DAFM – WK 42 (20.10.2024)
| c/kg (Incl. VAT) | U3 | Change prev wk | R3 | Change prev wk | O3 | Change prev wk | P+3 | Change prev wk |
| Steers | 542 | ▲3 | 531 | ▲1 | 518 | ▲3 | 490 | ▲2 |
| Heifers | 548 | ▲2 | 537 | ▲2 | 530 | ▲4 | 485 | ▲2 |
| Y Bulls | 536 | ▲2 | 527 | ▲0 | 511 | ▲2 | 490 | ▼-5 |
| Cows | 0 | ▲0 | 492 | ▲1 | 463 | ▲2 | 445 | ▲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 |
| 12/10/2024 | 520 | 523.8 | 517.1 | 522.6 | 507.8 | 504.8 | 382.9 |
| 19/10/2024 | 521.8 | 524.5 | 519.8 | 524.4 | 509.2 | 509.6 | 381.6 |
| Change | ▲2 | ▲1 | ▲512 | ▲2 | ▲1 | ▲5 | ▼-1 |
| Price in c/kg (Incl VAT) | 640.7 | 644.0 | 638.3 | 643.9 | 625.3 | 625.7 | 468.6 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 2022 | 07.10.2023 | 10.12.2024 |
| EU + Y Bulls | Not Available | € 4.85 | € 5.31 |
| IE + Steers | Not Available | € 4.62 | € 5.05 |
| UK + Steers | Not Available | € 5.56 | € 6.11 |
Live Cattle Exports 14th October
Sheep Update
IFA Sheep Chairman Adrian Gallagher said demand for lamb is strengthening as supplies start to tighten. He said factories have moved prices on 10c/kg this week as they struggle to match supplies with market demand. He said there are no surge of lambs coming through the system as total spring lamb throughput is running 8% behind last year’s levels. Throughput fell over 5,400 head for latest week indicating the shortage of supplies on the ground. Lamb prices are making from €7.40kg to €7.70kg on weights to 23kg. Cull ewes are making from €3.70kg to €4.20kg in general. He said its important factories continue this upward trajectory in prices to maintain confidence in the sector. Adrian Gallagher said factories are very anxious for lambs and factories should sell hard while moving lambs as they become fit.
Lamb Price Update 24/10/2024
Spring Lamb €7.40kg/7.70kg. Weights to 23kg. Higher deals groups/larger lots. Ewes €3.80/4.20/kg.
Supply Figures as Reported by DAFM – WK 42 (20.10.2024)
| Animal | Figure | Change | YTD | YTD Change |
| Lambs/Hoggets | 90 | ▼-192 | 897,551 | ▼-83,887 |
| Spring Lambs | 42,059 | ▼-5,480 | 967,002 | ▼-86,869 |
| Ewes and Rams | 7,377 | ▲224 | 231,489 | ▼-37,192 |
| Light Lambs | 1 | ▼-1 | 111 | ▼-27 |
| TOTAL | 49,527 | ▼-5,449 | 2,096,153 | ▼-207,975 |
Official Irish Prices as Reported by DAFM – WK 42 (20.10.2024)
| c/kg (Incl. VAT) | This week | Change prev. wk | 2023 | Change prev. yr |
| National Avg Price | 861.14 | ▲8 | 675.73 | ▲108 |
| YTD Avg | 733.19 | ▼-1 | 624.81 | ▲111 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 12/10/2024 | 619.5 | 617.5 | New season Lamb |
| 19/10/2024 | 621.1 | 618.5 | New season Lamb |
| Change | ▲2 | ▲1 | |
| Price in c/kg (Incl VAT) | 762.7 | 759.5 | 1 |
Live Sheep Exports 15th October 2024
