Beef & Sheep Update 19th October

Beef Update

IFA Livestock chairman Declan Hanrahan said factory prices are edging upwards but more is needed from the market. He said prices are not keeping pace with our key markets the UK and EU and its unacceptable that factories are holding back prices from beef farmers when its clearly available in the market. UK R3 steer prices are now over €1/kg ahead of ours and prices and based on the latest bord bia tracker the prime export benchmark prices is now 47c/kg ahead of the prime Irish composite price. The IFA Livestock Chairman said it is clear factories are not paying what the market justifies further eroding beef farmers’ incomes. He said factories must immediately move prices on to reflect the realities of the markets we are selling into. 

Beef Price Update 18/10/2024

Base Quotes Steer €5.05/5.20kg. Heifers €5.10/5.25kg. 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 41 (13.10.2024)

Animal	Number	Change prev wk	% of total	YTD	YTD Change
Y Bulls	1,242	▲157	3%	85,831	▼-7,494
Bull	476	▼-15	1%	23,558	▲803
Steer	18,319	▼-853	44%	537,549	▼-7,303
Cow	9,205	▲410	22%	339,355	▲32,280
Heifer	11,899	▲545	29%	397,932	▲15,999
Veal-V	32	▼-6	0%	20,280	▼-10,325
Veal-Z	24	▲3	0%	1,476	▲169
Total	41,197	▲241	100%	1,405,972	▲3,665

Official Irish Prices as Reported by DAFM – WK 41 (13.10.2024)

c/kg (Incl. VAT)	U3	Change prev wk	R3	Change prev wk	O3	Change prev wk	P+3	Change prev wk
Steers	539	▲0	530	▲2	515	▲3	488	▲3
Heifers	546	▲1	535	▲2	526	▲3	483	▲4
Y Bulls	534	▲1	527	▲6	509	▲1	495	▼-10
Cows	0	▲0	491	▲1	461	▲1	442	▲0

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
05/10/2024	518.8	521.6	516.4	520.6	503.7	510.8	385
12/10/2024	520.0	523.8	517.1	522.6	507.8	504.8	382.9
Change	▲1	▲2	▲512	▲2	▲4	▼-6	▼-2
Price in c/kg (Incl VAT)	638.5	643.2	635.0	641.7	623.5	619.8	470.2

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

Country & Type	10.01.2022	30.09.2023	05.10.2024
EU + Y Bulls	€ 4.97	€ 4.85	€ 5.28
IE + Steers	€ 4.68	€ 4.66	€ 5.04
UK + Steers	€ 4.95	€ 5.51	€ 6.08

Live Cattle Exports 30th September

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Sheep Update

IFA Sheep Chairman Adrian Gallagher said factories are offering deals up to €7.60kg on weights to 23kg. He said supplies of fleshed lambs are tight on the ground and the mart trade where there is good competition between factory agents, exporters and butchers is offering a viable competitive outlet for heavier lambs and should be considered. Spring lamb throughput is back over 80,000 head to date and overall throughput is back 200,000 head from the same period last year. Cull ewe prices are ranging from €3.70kg to €4.20kg in general. Adrian Gallagher said farmers should only sell lambs as they become fit, shop around and sell hard as supplies of suitable lambs are tight.

Lamb Price Update 18/10/2024

Spring Lamb €7.30kg/7.60kg. Weights to 23kg. Higher deals groups/larger lots. Ewes €3.80/4.20/kg.

Supply Figures as Reported by DAFM – WK 41 (13.10.2024)

Animal	Figure	Change	YTD	YTD Change
Lambs/Hoggets	282	▲198	897,461	▼-83,766
Spring Lambs	47,539	▼-1,966	924,943	▼-81,281
Ewes and Rams	7,153	▼-1,034	224,112	▼-34,928
Light Lambs	2	▲2	110	▼-28
TOTAL	54,976	▼-2,800	2,046,626	▼-200,003

Official Irish Prices as Reported by DAFM – WK 41 (13.10.2024)

c/kg (Incl. VAT)	This week	Change prev. wk	2023	Change prev. yr
National Avg Price	861.14	▲5	675.73	▲107
YTD Avg	733.19	▼-1	624.81	▲111

Official GB Prices as Reported by AHDB

	R3L	Overall SQQ*	Type of lamb
05/10/2024	626.6	624.0	New season Lamb
12/10/2024	619.5	617.5	New season Lamb
Change	▼-7	▼-7
Price in c/kg (Incl VAT)	760.7	758.2	1

Live Sheep Exports 30^th June