Beef Update
IFA National Livestock Chair Declan Hanrahan said strong market demand and tight supplies are driving the trade in our key export markets. He said EU young bull prices continue to strengthen and when combined with the UK price, the Bord Bia Prime export benchmark price has opened a gap of 12c/kg with the Prime Irish composite price. Volumes of beef exported to the UK have increased by 16% to date and their prices alone are over 80c/kg above our price, clearly highlighting the demand for beef in these key export destinations. Demand for beef across the EU and UK is very strong, creating favourable conditions for stronger beef prices.
The IFA National Livestock Chair said strong export demand for live cattle will also impact supplies available here to factories. Weanling, store and finished cattle exports are operating over 27% and 37% ahead of 2023 levels, with strong demand predicted to continue for the remainder of the year. Declan Hanrahan said market conditions justify further beef price increases and factories must offer realistic quotes to suppliers and align prices based on the strength of our key outlets.
Beef Price Update 06/09/2024
Base Quotes Steer €5.05/5.15kg. Heifers €5.10/5.20kg. 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 36 (6.09.2024)
| Animal | Number | Change prev wk | % of total | YTD | YTD Change |
| Y Bulls | 968 | ▲45 | 3% | 79,928 | ▼-7,138 |
| Bull | 588 | ▼-3 | 2% | 21,004 | ▲633 |
| Steer | 17,330 | ▲1,209 | 46% | 445,143 | ▼-12,859 |
| Cow | 8,132 | ▲384 | 22% | 296,703 | ▲28,941 |
| Heifer | 10,521 | ▲1,023 | 28% | 342,827 | ▲9,553 |
| Veal-V | 63 | ▼-174 | 0% | 20,031 | ▼-10,474 |
| Veal-Z | 12 | ▼-15 | 0% | 1,371 | ▲160 |
| Total | 37,614 | ▲2,469 | 100% | 1,207,007 | ▲3,665 |
Official Irish Prices as Reported by DAFM – WK 36 (06.09.2024)
| c/kg (Incl. VAT) | U3 | Change prev wk | R3 | Change prev wk | O3 | Change prev wk | P+3 | Change prev wk |
| Steers | 541 | ▲1 | 531 | ▲1 | 516 | ▼-1 | 488 | ▲1 |
| Heifers | 547 | ▲2 | 534 | ▼-1 | 523 | ▼-2 | 480 | ▲1 |
| Y Bulls | 533 | ▲0 | 525 | ▲2 | 510 | ▲1 | 494 | ▼-8 |
| Cows | 0 | ▲0 | 496 | ▲9 | 459 | ▲3 | 441 | ▼-1 |
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 |
| 31/08/2024 | 504.6 | 507.1 | 503.8 | 506.6 | 494.4 | 492.4 | 386.4 |
| 07/09/2024 | 508.8 | 510.3 | 508.5 | 508.6 | 499.8 | 499.1 | 388.3 |
| Change | ▲4 | ▲3 | ▲5 | ▲2 | ▲5 | ▲7 | ▲2 |
| Price in c/kg (Incl VAT) | 624.8 | 626.6 | 624.4 | 624.5 | 613.7 | 612.8 | 476.8 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 27.08.2022 | 26.08.2023 | 31.08.2024 |
| EU + Y Bulls | € 5.00 | € 4.84 | € 5.13 |
| IE + Steers | € 4.80 | € 4.62 | € 5.05 |
| UK + Steers | € 5.19 | € 5.44 | € 5.87 |
Sheep Update
IFA National Sheep Chair Adrian Gallagher said lamb prices remain steady this week. Prices for spring lambs are ranging from €7.30kg to €7.60kg with higher deals for larger and specialized lots. Cull ewes are making from €3.80kg to €4.20kg in general. He said the mart trade remains steady and there is good competition between butchers and agents offering a viable competitive outlet for heavier lambs and it should be considered. Total sheep throughput is back 184,822 head to date, EU and UK throughput are back 2% and 8% to date indicating a tighter supply of lambs across the EU. The IFA National Sheep Chair said farmers should sell hard and avoid selling under finished lambs to maximize returns.
Lamb Price Update 13/09/2024
Spring Lamb €7.30kg/7.60kg. Weights to 22kg. Higher deals groups/larger lots. Ewes €3.80/4.20/kg.
Supply Figures as Reported by DAFM – WK 36 (06.09.2024)
| Animal | Figure | Change | YTD | YTD Change |
| Lambs/Hoggets | 551 | ▼-134 | 896,477 | ▼-83,513 |
| Spring Lambs | 51,257 | ▲154 | 679,147 | ▼-76,437 |
| Ewes and Rams | 8,348 | ▲496 | 184,650 | ▼-24,849 |
| Light Lambs | 2 | ▲2 | 107 | ▼-23 |
| TOTAL | 60,158 | ▲518 | 1,760,381 | ▼-184,823 |
Official Irish Prices as Reported by DAFM – WK 36 (06.09.2024)
| c/kg (Incl. VAT) | This week | Change prev. wk | 2023 | Change prev. yr |
| National Avg Price | 861.14 | ▼-2 | 675.73 | ▲98 |
| YTD Avg | 733.19 | ▼-2 | 624.81 | ▲113 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 31/08/2024 | 665.3 | 663.5 | New season Lamb |
| 31/08/2024 | 654.5 | 654.5 | New season Lamb |
| Change | ▼-11 | ▼-9 | |
| Price in c/kg (Incl VAT) | 803.7 | 803.7 | 1 |
