Beef Update
IFA Livestock Chairman Brendan Golden said beef farmers should resist efforts by the factories to drag prices down. “The behaviour of some factories in trying to reduce quotes shows no regard for farmers who have made huge investments in finishing cattle over the winter months,” he said. Brendan Golden said beef farmers know the impact from the Chinese market and will not be fooled by the usual factory propaganda in attempts to control the market place.
“Factories are acutely aware of how tight beef supplies are. They’re trying to manipulate the situation by reducing throughput. This is unacceptable and must stop. Beef prices must reflect the reality of the market place and the increased demand in higher prices,” he said. He said Bord Bia predict supplies of beef cattle will be down by 60,000 head this year, with all of this reduction taking place in the first half of the year. Teagasc figures clearly show prices need to be in the region of €6.00/kg for winter finishers to be covered and we are still a long way short of this target.
Beef Price Update 02/03/2023
Base Quotes Steer €5.20/5.30kg. Heifers €5.25/5.35kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U €5.10/5.50Kg. Cows €4.50/5.10kg.
Supply Figures as Reported by DAFM – WK 08 (26.02.2023)
| Animal | Number | Change prev wk | % of total | YTD | YTD Change |
| Y Bulls | 2566 | ▼-240 | 7% | 26087 | ▼-3,628 |
| Bull | 541 | ▲36 | 1% | 3184 | ▲193 |
| Steer | 12582 | ▼-707 | 33% | 93272 | ▼-2,389 |
| Cow | 7950 | ▲233 | 21% | 63675 | ▲5,870 |
| Heifer | 10505 | ▼-644 | 27% | 83099 | ▼-1,647 |
| Veal-V | 4158 | ▲850 | 11% | 9238 | ▲230 |
| Veal-Z | 101 | ▲35 | 0% | 468 | ▲80 |
| Total | 38403 | ▼-437 | 100% | 279023 | ▼-1,291 |
Official Irish Prices as Reported by DAFM – WK 08 (26.02.2023)
| c/kg (Incl. VAT) | U3 | Change prev wk | R3 | Change prev wk | O3 | Change prev wk | P+3 | Change prev wk |
| Steers | 560 | ▼-1 | 552 | ▼-1 | 541 | ▼-2 | 510 | ▼-3 |
| Heifers | 570 | ▲0 | 556 | ▼-1 | 551 | ▼-1 | 503 | ▼-1 |
| Y Bulls | 547 | ▲0 | 537 | ▼-1 | 522 | ▼-3 | 512 | ▼-5 |
| Cows | 0 | ▲0 | 505 | ▼-3 | 473 | ▼-2 | 475 | ▲18 |
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 |
| 18/02/2023 | 481.4 | 483 | 481.5 | 482.5 | 469.3 | 465.6 | 393.2 |
| 25/02/2023 | 486.6 | 489.5 | 479.5 | 487.0 | 488.4 | 477.9 | 474.9 |
| Change | ▲5 | ▲7 | ▲6 | ▲6 | ▲6 | ▲5 | ▲4 |
| Price in c/kg(Incl VAT) | 583.9 | 587.4 | 584.4 | 586.1 | 569.9 | 564.2 | 476.5 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 13.02.2021 | 2022 | 18.02.2023 |
| EU + Y Bulls | € 3.73 | Figures | € 5.12 |
| IE + Steers | € 3.78 | Not | € 5.27 |
| UK + Steers | € 4.34 | Available | € 5.35 |
Sheep Update
IFA Sheep Chairman Kevin Comiskey said lamb prices have increased 10c/kg to 20c/kg on the back of tight supplies and strong market demand. He said buying for the Ramadan festival which commences on March 22nd is in full swing and will be immediately followed by the Easter festival commencing in early April. He said demand for hogget’s and lambs will strengthen as factories will be anxious to secure supplies to fill these orders in the coming weeks. Kevin Comiskey said margins on sheep farms fell 81% in the past year to just €7/ewe. Current prices are not reflective of the value of this premium product and the costs associated with producing it. He said factories must further increase lamb prices to reflect the costs of production on sheep farms. The IFA Sheep Chairman said farmers should sell hard while moving lambs as they become fit to maximize returns.
Lamb Price Update 02/03/2023
Lamb €6.10/6.40/kg. Higher deals groups/larger lots. Ewes €3.00/3.40/kg.
Supply Figures as Reported by DAFM – WK 08 (26.02.2023)
| Animal | Figure | Change | YTD | YTD Change |
| Lambs/Hoggets | 45569 | ▼-2,040 | 368741 | ▲1,615 |
| Spring Lambs | 0 | ▲0 | 0 | ▲0 |
| Ewes and Rams | 5795 | ▲74 | 50279 | ▲3,697 |
| Light Lambs | 5 | ▲3 | 27 | ▲4 |
| TOTAL | 51369 | ▼-1,963 | 419047 | ▲5,316 |
Official Irish Prices as Reported by DAFM – WK 08 (26.02.2023)
| c/kg (Incl. VAT) | WK 08 | Change prev wk | 2022 | Change prev yr |
| National Avg Price | 601.26 | ▼-4 | 672 | ▼-71 |
| YTD Avg | 614.40 | ▼-2 | 676.60 | ▼-62 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 18/02/2023 | 502.2 | 515.5 | Old season lamb |
| 25/02/2023 | 514.9 | 510.6 | Old season lamb |
| Change | ▲13 | ▼-5 | |
| Price in c/kg (Incl VAT) | 617.9 | 612.7 |
Live Sheep Exports 18.01.2023
