Beef Update
IFA Livestock chair Declan Hanrahan said beef price rises of 10c/kg over the past week must continue. He said demand for beef in our key UK and EU markets is strong with supplies in these markets reducing for the year, creating real potential for strong and sustained growth in beef prices here. EU beef production dropped 4% in 2023, with a further reduction of 1% projected for this year. UK beef supplies are predicted to tighten in particular for the second half of the year and into 2025 as figures show the numbers of cattle under 12 months of age to be down 3% year on year. “These figures provide real opportunity for Bord Bia and meat factories to increase volumes and returns for Irish beef from these high value markets which must be returned to farmers,” he said. Declan Hanrahan said the roll out of the PGI for Irish Grass Fed Beef on the Italian market must add further value to our beef exports and be returned in higher beef prices to farmers. “Market conditions and supplies of beef cattle are pointing prices in only one direction and this upward momentum must continue in prices paid to farmers.”He said farmers should sell hard to ensure the realities of the market conditions are reflected in beef price and the upward momentum continues.
Beef Price Update 28/03/2024
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 €5.10/5.40Kg. Cows €4.10/4.90kg.
Supply Figures as Reported by DAFM – WK 12 (24.03.2024)
| Animal | Number | Change prev wk | % of total | YTD | YTD Change |
| Y Bulls | 1,706 | ▼-374 | 5% | 32,610 | ▼-2,118 |
| Bull | 550 | ▼-96 | 2% | 5,038 | ▼-308 |
| Steer | 12,017 | ▲137 | 36% | 146,772 | ▲6,063 |
| Cow | 7,605 | ▼-1,086 | 23% | 107,142 | ▲14,275 |
| Heifer | 9,296 | ▼-1,021 | 28% | 126,733 | ▲5,718 |
| Veal-V | 1,892 | ▼-182 | 6% | 11,718 | ▼-11,730 |
| Veal-Z | 40 | ▲6 | 0% | 689 | ▲76 |
| Total | 33,106 | ▼-2,616 | 100% | 430,792 | ▲3,665 |
Official Irish Prices as Reported by DAFM – WK 12 (24.03.2024)
| c/kg (Incl. VAT) | U3 | Change prev wk | R3 | Change prev wk | O3 | Change prev wk | P+3 | Change prev wk |
| Steers | 551 | ▲2 | 541 | ▲2 | 533 | ▲4 | 503 | ▲6 |
| Heifers | 560 | ▲1 | 547 | ▲1 | 539 | ▲3 | 492 | ▲6 |
| Y Bulls | 537 | ▲1 | 530 | ▲3 | 513 | ▲2 | 501 | ▲2 |
| Cows | 0 | ▲0 | 480 | ▲5 | 438 | ▲7 | 416 | ▲2 |
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 |
| 16/03/2024 | 501.7 | 505.1 | 500.5 | 504 | 488.3 | 491.9 | 371.4 |
| 23/03/2024 | 499.0 | 507.1 | 496.3 | 500.7 | 483.5 | 482.8 | 372.3 |
| Change | ▼-3 | ▲2 | ▼-4 | ▼-3 | ▼-5 | ▼-9 | ▲1 |
| Price in c/kg (Incl VAT) | 612.7 | 622.7 | 609.4 | 614.8 | 593.7 | 592.8 | 457.1 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 05.03.2022 | 04.03.2023 | 09.03.2024 |
| EU + Y Bulls | € 4.80 | € 5.17 | € 5.06 |
| IE + Steers | € 4.58 | € 5.25 | € 5.13 |
| UK + Steers | € 4.96 | € 5.44 | € 5.79 |
Live Cattle Exports W/C 04.03.2024
Sheep Update
IFA Sheep Chairman Adrian Gallagher said hogget prices have hit €9.00kg and above as factories struggle to match supplies with market demand. Factory prices are ranging from €8.70/kg to €9.10/kg for hogget’s as the Easter and Ramadan festivals and strong supermarket sales continue to drive the trade. The limited number of spring lamb on offer are coming in at €9.20/kg to 9.50/kg in general with higher deals for groups and larger lots. Strong factory demand is feeding through to mart sales where prices are comparable to and in cases above what factories are offering. Total throughput to date is back 19,461 head with lamb and hogget throughput back 21,842 head. Cull ewes are making from €3.70kg to €4.00kg in general. The IFA Sheep Chairman said farmers should sell hard and move lambs as they become fit in a rising market.
Lamb Price Update 28/03/2024
Hogget’s €8.70/9.10/kg. Weights to 24kg. Spring Lamb €9.20/9.50kg. Higher deals groups/larger lots. Ewes €3.70/4.00/kg.
Supply Figures as Reported by DAFM – WK 12 (24.03.2024)
| Animal | Figure | Change | YTD | YTD Change |
| Lambs/Hoggets | 48,038 | ▼-8,172 | 548,337 | ▼-21,842 |
| Spring Lambs | 463 | ▲463 | 9,034 | ▲8,224 |
| Ewes and Rams | 5,413 | ▲249 | 61,276 | ▼-5,836 |
| Light Lambs | 8 | ▲8 | 37 | ▼-7 |
| TOTAL | 53,922 | ▼-7,452 | 618,684 | ▼-19,461 |
Official Irish Prices as Reported by DAFM – WK 12 (24.03.2024)
| c/kg (Incl. VAT) | This week | Change prev. wk | 2023 | Change prev. yr |
| National Avg Price | 844.57 | ▲29 | 654.49 | ▲190 |
| YTD Avg | 722.53 | ▲11 | 620.57 | ▲102 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 16/03/2024 | 794.6 | 789.8 | Old season lamb |
| 23/03/2024 | 846.4 | 838.8 | Old season lamb |
| Change | ▲52 | ▲49 | |
| Price in c/kg (Incl VAT) | 1039.3 | 1030.0 |
Live Sheep Exports March 14th 2024
