Beef Update
IFA President Francie Gorman said that attempts by the beef factories to reduce beef prices to farmers must be resisted. “This is typical of the factories to try and pull prices when cattle, which have been produced at the highest cost, are coming out of sheds. Farmers should push back hard as factories need cattle and supplies are tight,” he said. IFA Livestock chair Declan Hanrahan said there is no justification in the market place for any weakening of beef prices, which is putting further pressure on producers who operate on very low margins. He said prices in our key markets are strong and rising, driven by tight supplies and solid demand for beef. The Bord Bia Prime Export Benchmark Price strengthened again in the past week, which is a clear indication of the market opportunities for Irish beef and very much at odds with the irresponsible opportunism of meat factories here,” he said. He said when the Bord Bia Prime Export Benchmark Tracker is updated to reflect the increased value of beef exports to the key UK market, it will highlight further the capacity for higher returns for beef. Volumes of beef exported to the UK market grew from 43% in 2022 to 47% in 2023.
Beef Price Update 29/02/2024
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 €5.10/5.40Kg. Cows €4.00/4.80kg.
Supply Figures as Reported by DAFM – WK 08 (25.02.2024)
| Animal | Number | Change prev wk | % of total | YTD | YTD Change |
| Y Bulls | 2,655 | ▼-311 | 7% | 24,013 | ▼-2,117 |
| Bull | 472 | ▲37 | 1% | 2,862 | ▼-337 |
| Steer | 13,571 | ▲297 | 34% | 96,724 | ▲3,506 |
| Cow | 9,181 | ▼-337 | 23% | 72,522 | ▲8,843 |
| Heifer | 11,807 | ▲415 | 30% | 86,263 | ▲3,168 |
| Veal-V | 1,682 | ▲915 | 4% | 2,735 | ▼-6,503 |
| Veal-Z | 152 | ▲49 | 0% | 472 | ▲4 |
| Total | 39,520 | ▲1,065 | 100% | 285,591 | ▲3,665 |
Official Irish Prices as Reported by DAFM – WK 08 (25.02.2024)
| c/kg (Incl. VAT) | U3 | Change prev wk | R3 | Change prev wk | O3 | Change prev wk | P+3 | Change prev wk |
| Steers | 548 | ▼-1 | 539 | ▼-2 | 528 | ▼-2 | 492 | ▼-7 |
| Heifers | 556 | ▼-4 | 544 | ▼-3 | 535 | ▼-4 | 487 | ▲0 |
| Y Bulls | 537 | ▼-1 | 524 | ▼-3 | 508 | ▼-3 | 499 | ▼-6 |
| Cows | 0 | ▲0 | 473 | ▼-6 | 426 | ▼-6 | 407 | ▼-5 |
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 |
| 17/02/2024 | 503.1 | 506.1 | 502.7 | 505 | 489.2 | 484 | 341.9 |
| 24/02/2024 | 504.2 | 505.0 | 503.2 | 505.7 | 490.5 | 491.0 | 365.0 |
| Change | ▲1 | ▼-1 | ▲1 | ▲1 | ▲1 | ▲8 | ▲3 |
| Price in c/kg (Incl VAT) | 619.1 | 620.1 | 617.9 | 621.0 | 602.3 | 603.9 | 448.2 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 29.01.2022 | 28.01.2023 | 03.02.2024 |
| EU + Y Bulls | € 4.57 | € 5.14 | € 5.02 |
| IE + Steers | € 4.33 | € 5.21 | € 5.19 |
| UK + Steers | € 4.91 | € 5.27 | € 5.78 |
Live Exports W/C 12.02.2024
Sheep Update
IFA Sheep Chairman Adrian Gallagher said lamb prices continue to edge upwards as quotes rise by over 40c/kg this week. He said lamb supplies are extremely tight on the ground as throughput continues to fall off week on week. He said last week’s lamb kill off 38,969 was back almost 6,000 head from the corresponding date in 2023 and over 2,600 head from the previous weeks kill. Demand is expected to increase further in the coming weeks as factories fill orders for the upcoming Ramadan and Easter festivals. The IFA Sheep Chairman said factories are paying up €8.10/kg for lambs and farmers should around for the higher prices and be mindful of the mart outlet where prices remain very competitive.
Lamb Price Update 29/03/2024
Lamb €7.80/8.10/kg. Weights to 24kg. Higher deals groups/larger lots. Ewes €3.30/3.60/kg.
Supply Figures as Reported by DAFM – WK 08 (25.02.2024)
| Animal | Figure | Change | YTD | YTD Change |
| Lambs/Hoggets | 38,969 | ▼-2,659 | 343,512 | ▼-25,229 |
| Spring Lambs | 0 | ▲0 | 8,571 | ▲8,571 |
| Ewes and Rams | 5,594 | ▲801 | 40,748 | ▼-9,531 |
| Light Lambs | 1 | ▼-4 | 19 | ▼-8 |
| TOTAL | 44,564 | ▼-1,857 | 392,850 | ▼-26,197 |
Official Irish Prices as Reported by DAFM – WK 08 (25.02.2024)
| c/kg (Incl. VAT) | This week | Change prev. wk | 2023 | Change prev. yr |
| National Avg Price | 732.05 | ▲31 | 601.26 | ▲131 |
| YTD Avg | 682.96 | ▲7 | 614.40 | ▲69 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 17/02/2024 | 666.1 | 662.2 | Old season lamb |
| 24/02/2024 | 703.6 | 699.6 | Old season lamb |
| Change | ▲38 | ▲37 | |
| Price in c/kg (Incl VAT) | 864.0 | 859.0 |
Live Sheep Exports
