Beef Update
IFA livestock chairman Brendan Golden said tight supplies and strong demand for beef in our key markets justifies further beef price increases. He said supplies in the UK are running 12% below last year’s levels and prices have increased again in the past week. The latest prime export benchmark price has moved to 5c/kg above our price with the EU composite benchmark price surging to 11c/kg above our price on latest reports. Brendan Golden said this is a clear indication of the strength of demand for beef and critically justifies higher beef prices. He said factories must move to return the full value of current markets to beef farmers and of set the increased production costs beef farmers are exposed to. He said some factories are persisting in offering quotes 10 to 15c/kg below what they are prepared to pay for cattle. The IFA livestock chairman said farmers should shop around and sell hard in a rising market while considering the mart outlet where prices for forward store and finished cattle and cows continue to compete with and surpass what some factories are offering.
Beef Price Update 24/02/2022
Steer Base €4.45/4.55kg. Heifers €4.50/4.60kg. Higher deals for larger and specialist lots. Y Bulls R/U €4.40/4.60Kg. Cows €3.75/4.40kg.
Supply Figures as Reported by DAFM – Week 7 (14.02.2022)
| Animal | Number | Change prev. wk. | % of total | YTD | YTD Change |
| Y Bulls | 3,494 | ▼-641 | 9% | 26,790 | ▲2,096 |
| Bull | 470 | ▲1 | 1% | 3,131 | ▲773 |
| Steer | 12,936 | ▲236 | 33% | 82,176 | ▲6,111 |
| Cow | 7,885 | ▼-167 | 20% | 50,082 | ▲6,088 |
| Heifer | 10,769 | ▼-282 | 28% | 73,886 | ▲3,179 |
| Veal-V | 3,197 | ▲1,424 | 8% | 5,191 | ▲790 |
| Veal-Z | 55 | ▲15 | 0% | 353 | ▲56 |
| Total | 38,806 | ▲586 | 100% | 241,609 | ▲19,093 |
Official Irish Prices as Reported by DAFM – Week 7 (14.02.2022)
| c/kg (Incl. VAT) | U3 | Changeprev wk | R3 | Changeprev wk | O3 | Changeprev wk | P+3 | Changeprev wk |
| Steers | 477 | ▲5 | 467 | ▲5 | 454 | ▲5 | 423 | ▲6 |
| Heifers | 485 | ▲5 | 471 | ▲4 | 463 | ▲5 | 417 | ▲9 |
| Y Bulls | 456 | ▲9 | 447 | ▲4 | 432 | ▲3 | 418 | ▲1 |
| Cows | 0 | ▲0 | 417 | ▲7 | 391 | ▲6 | 377 | ▲6 |
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 |
| 12.02.2022 | 412.4 | 412.3 | 412.5 | 412.9 | 404.9 | 400 | 302.3 |
| 19.02.2022 | 412.4 | 413.8 | 406.0 | 412.9 | 415.2 | 405.1 | 403.6 |
| Change | ▲0 | ▲2 | ▲0 | ▲2 | ▼-1 | ▲0 | ▲6 |
| Price in c/kg (Incl VAT) | 518.4 | 520.2 | 519.1 | 522.0 | 507.4 | 503.1 | 387.5 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 08.02.2020 | 06.02.2021 | 05.02.2022 |
| EU + Y Bulls | € 3.62 | € 3.71 | € 4.57 |
| IE + Steers | € 3.66 | € 3.82 | € 4.35 |
| UK + Steers | € 4.00 | € 4.37 | € 4.91 |
Live Exports W/C 14.02.2022
Sheep Update
IFA sheep committee chairman Kevin Comiskey said hogget prices in the UK have strengthened over the past week as supplies dropped 11%. Demand for hoggets and in particular cull ewes is strong. Kevin Comiskey said tightening supplies of suitable hoggets has increased competition between factories and agents are competing strongly in marts. He said market conditions for sheep meat are favourable and further price increases are justified from factories. The IFA sheep committee chairman said prices in marts are a clear indication of what factories are willing to pay and farmers with suitable hoggets and cull ewes who are not offered the higher factory prices should consider the mart outlet. He said farmers should continue to sell hard in positive market conditions.
Lamb Price Update 24/02/2022
Hogget/lamb €6.90/7.10/kg. Higher deals groups/larger lots. Ewes €3.40/3.70/kg. Sell hard.
Supply Figures as Reported by DAFM – Week 7 (14.02.2022)
| Animal | Figure | Change | YTD | Change |
| Lambs/Hoggets | 49,730 | ▼-84 | 318,845 | ▲31,782 |
| Spring Lambs | 0 | ▲0 | 0 | ▲0 |
| Ewes and Rams | 5,512 | ▼-291 | 41,723 | ▲1,649 |
| Light Lambs | 2 | ▲1 | 22 | ▼-1 |
| TOTAL | 55,244 | ▼-374 | 360,590 | ▲33,430 |
Official Irish Prices as Reported by DAFM – Week 7 (14.02.2022)
| c/kg(Incl. VAT) | WK 07 | Change prev wk | 2021 | Changeprev yr |
| National Avg Price | 671.99 | ▼-2 | 626.08 | ▲46 |
| YTD Avg | 677.25 | ▼-1 | 597.76 | ▲79 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 12.02.2022 | 591.3 | 587.9 | Old season |
| 19.02.2022 | 588.4 | 586.0 | Old season |
| Change | ▼-3 | ▼-2 | |
| Price in c/kg(Incl VAT) | 739.7 | 736.7 |
