Beef Update
IFA Livestock Chairman Declan Hanrahan said beef prices have moved on a further 5c/kg this week as supplies of finished cattle tighten. He said poor weather conditions has delayed the number of grass cattle coming onto stream and with shed cattle almost gone out of the system numbers are expected to become very tight in the coming weeks. Declan Hanrahan said based on Bord Bia projections there will be 70,000 fewer cattle between now and year end available to factories with supplies also predicted to be tight in the UK and EU markets over the coming months. He said factories must continue this upward trajectory in prices and return the full value of the market in higher prices paid to farmers. This week steers are making from €5.15kg to €5.25 while heifers are making from €5.20kg to €5.30kg. Young bulls R and U grades are ranging from €5.25kg to €5.50kg. Cull cows are ranging from €4.30kg for P grades up to €5.10 for well fleshed U grade cows.
Beef Price Update 14/06/2024
Base Quotes Steer €5.15/5.25kg. Heifers €5.20/5.30kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U €5.25/5.50Kg. Cows €4.30/5.05kg.
Supply Figures as Reported by DAFM – WK 23 (09.06.2024)
| Animal | Number | Change prev wk | % of total | YTD | YTD Change |
| Y Bulls | 2,984 | ▲67 | 10% | 56,297 | ▼-3,941 |
| Bull | 678 | ▼-61 | 2% | 12,003 | ▼-205 |
| Steer | 9,590 | ▼-1,631 | 33% | 276,849 | ▲2,808 |
| Cow | 7,427 | ▲112 | 26% | 189,783 | ▲17,952 |
| Heifer | 7,815 | ▼-685 | 27% | 228,017 | ▲9,110 |
| Veal-V | 221 | ▲195 | 1% | 18,903 | ▼-11,483 |
| Veal-Z | 21 | ▼-27 | 0% | 1,079 | ▲120 |
| Total | 28,736 | ▼-2,030 | 100% | 782,931 | ▲3,665 |
Official Irish Prices as Reported by DAFM – WK 23 (09.06.2024)
| c/kg (Incl. VAT) | U3 | Change prev wk | R3 | Change prev wk | O3 | Change prev wk | P+3 | Change prev wk |
| Steers | 551 | ▲2 | 542 | ▲5 | 532 | ▲1 | 497 | ▲1 |
| Heifers | 559 | ▲1 | 548 | ▲5 | 536 | ▲3 | 490 | ▲8 |
| Y Bulls | 544 | ▲3 | 533 | ▲6 | 514 | ▲7 | 502 | ▲10 |
| Cows | 0 | ▲0 | 500 | ▲16 | 451 | ▲7 | 436 | ▲8 |
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 |
| 01/06/2024 | 486.9 | 488.5 | 486.5 | 487.8 | 475.1 | 473.1 | 386.9 |
| 08/06/2024 | 483.7 | 483.8 | 482.4 | 486.6 | 473.3 | 472.3 | 385.6 |
| Change | ▼-3 | ▼-5 | ▼-4 | ▼-1 | ▼-2 | ▼-1 | ▼-1 |
| Price in c/kg (Incl VAT) | 593.9 | 594.1 | 592.3 | 597.5 | 581.2 | 579.9 | 473.5 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 28.02.2022 | 27.05.2023 | 01.06.2024 |
| EU + Y Bulls | € 4.98 | € 4.96 | € 5.07 |
| IE + Steers | € 5.26 | € 5.22 | € 5.13 |
| UK + Steers | € 5.19 | € 5.70 | € 5.66 |
Live Cattle Exports W/C 27.05.2024
Sheep Update
IFA Sheep Chairman Adrian Gallagher said supplies of suitably finished lambs are tight on the ground and further cuts to lamb prices is unacceptable. He said factories must recognize the cost of production sheep farmers face to finish lambs at this time of year. The number of suitable lamb’s factories need to fill markets are not available on the ground and this approach only serves to undermine confidence in the sector. He said hogget supplies are dropping week on week and with no surge of spring lambs coming to market will result if further tightening of supplies over the coming weeks. Adrian Gallagher said farmers should sell hard while moving lambs at optimum weights to maximize returns and take control back from factories.
Lamb Price Update 14/06/2024
Hogget €8.20/8.50kg. Weights to 24kg. Spring Lamb €9.00/9.30/kg. Weights to 21.5kg. Higher deals groups/larger lots. Ewes €4.10/4.50/kg.
Supply Figures as Reported by DAFM – WK 23 (09.06.2024)
| Animal | Figure | Change | YTD | YTD Change |
| Lambs/Hoggets | 11,257 | ▼-4,438 | 863,472 | ▼-83,616 |
| Spring Lambs | 26,107 | ▲3,208 | 114,719 | ▼-35,988 |
| Ewes and Rams | 4,092 | ▼-129 | 105,988 | ▼-15,561 |
| Light Lambs | 0 | ▼-11 | 82 | ▼-30 |
| TOTAL | 41,456 | ▼-1,370 | 1,084,261 | ▼-135,195 |
Official Irish Prices as Reported by DAFM – WK 23 (09.06.2024)
| c/kg (Incl. VAT) | This week | Change prev. wk | 2023 | Change prev. yr |
| National Avg Price | 861.14 | ▼-63 | 675.73 | ▲123 |
| YTD Avg | 733.19 | ▲7 | 624.81 | ▲136 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 01/06/2024 | 850.0 | 849.7 | Old season lamb |
| 08/06/2024 | 807.4 | 807.6 | Old season lamb |
| Change | ▼-43 | ▼-42 | |
| Price in c/kg (Incl VAT) | 991.4 | 991.7 | 1 |
Live Sheep Exports March 31st 2024
