Beef Update
IFA Livestock chair Declan Hanrahan said a gap of 47c/kg has opened up between our beef price and the Bord Bia Prime Export Benchmark price as UK and EU prices surge in recent weeks. R3 male cattle prices in the UK are now over €1/kg above our price with the EU Young Bull price 20c/kg above ours. These prices combine to create a differential of 47c/kg which is heading for the biggest gap between our price and the Export Benchmark Price since Bord Bia started compiling the figures. The IFA Livestock chair said there is no justification for this level of divergence between our beef price and the prices in our key export markets. Supplies of beef cattle are not meeting factory demand and are predicted to tighten further over the coming weeks and months where throughput is expected to be back 30,000 head on the same period in 2023,” he said.Declan Hanrahan said it is a similar supply situation in most beef producing countries, creating huge opportunity and potential for meaningful and sustained beef price increases.
“Farmers with cattle to sell should not be misled by factories or their agents as prices are surging in our key export markets.
Beef Price Update 27/09/2024
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 €5.10/5.30Kg. Cows €4.30/4.90kg.
Supply Figures as Reported by DAFM – WK 39 (29.09.2024)
| Animal | Number | Change prev wk | % of total | YTD | YTD Change |
| Y Bulls | 1,102 | ▼-163 | 3% | 83,504 | ▼-7,081 |
| Bull | 450 | ▼-47 | 1% | 22,591 | ▲772 |
| Steer | 17,717 | ▲3 | 48% | 500,058 | ▼-8,847 |
| Cow | 7,635 | ▼-378 | 21% | 321,355 | ▲32,088 |
| Heifer | 9,793 | ▼-1,078 | 27% | 374,679 | ▲12,993 |
| Veal-V | 8 | ▼-94 | 0% | 20,210 | ▼-10,354 |
| Veal-Z | 14 | ▲1 | 0% | 1,422 | ▲153 |
| Total | 36,719 | ▼-1,756 | 100% | 1,323,819 | ▲3,665 |
Official Irish Prices as Reported by DAFM – WK 39 (29.09.2024)
| c/kg (Incl. VAT) | U3 | Change prev wk | R3 | Change prev wk | O3 | Change prev wk | P+3 | Change prev wk |
| Steers | 539 | ▲0 | 528 | ▲0 | 513 | ▲1 | 486 | ▲2 |
| Heifers | 545 | ▲0 | 533 | ▲0 | 524 | ▲2 | 482 | ▲1 |
| Y Bulls | 531 | ▲0 | 522 | ▼-2 | 508 | ▲3 | 496 | ▲1 |
| Cows | 0 | ▲0 | 491 | ▼-2 | 459 | ▲1 | 441 | ▲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 |
| 21/09/2024 | 512.9 | 516.6 | 511.8 | 514.1 | 500.7 | 489.8 | 386.3 |
| 28/09/2024 | 517.0 | 518.4 | 509.0 | 518.4 | 506.6 | 502.9 | 385.6 |
| Change | ▲4 | ▲2 | ▲512 | ▲4 | ▲6 | ▲13 | ▼-1 |
| Price in c/kg (Incl VAT) | 634.8 | 636.5 | 631.6 | 636.5 | 622.1 | 617.5 | 473.5 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 17.09.2022 | 16.09.2023 | 21.09.2024 |
| EU + Y Bulls | € 4.99 | € 4.84 | € 5.23 |
| IE + Steers | € 4.79 | € 4.65 | € 5.04 |
| UK + Steers | € 5.07 | € 5.53 | € 6.05 |
Live Cattle Exports 16th September
Sheep Update
IFA National Sheep Chair Adrian Gallagher said total support payments for ewes have been increased to €25/ewe following the provision of €22m in exchequer funding by Minister for Agriculture Charlie McConalogue for next year when combined with the SIS €12/ewe scheme. Adrian Gallagher said the increase of €7m in funding provides for the scheme to increase the rate of payment by €5/ewe, from €8 to €13 ewe next year. The IFA National Sheep Chair said over the past two years IFA’s campaign to support the sheep sector has delivered €13/ewe on top of the €12/ewe CAP Sheep Improvement Scheme bringing total supports to €25/ewe for next year. He said this level of support is vital for the sector and will need to be built on to bring direct support levels to a minimum of €30/ewe. Adrian Gallagher said the National Sheep Welfare Scheme this year was a well-designed and practical scheme for farmers, the scheme for 2025 must follow a similar pattern and avoid any leakages from this important additional funding for sheep farmers. bureaucracy for farmers.
Lamb Price Update 27/09/2024
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 39 (29.09.2024)
| Animal | Figure | Change | YTD | YTD Change |
| Lambs/Hoggets | 237 | ▲7 | 897095 | ▼-83,666 |
| Spring Lambs | 50001 | ▲187 | 827899 | ▼-76,301 |
| Ewes and Rams | 8473 | ▲983 | 208772 | ▲0 |
| Light Lambs | 0 | ▼-1 | 108 | ▼-26 |
| TOTAL | 58711 | ▲1,176 | 1933874 | ▼-189,638 |
Official Irish Prices as Reported by DAFM – WK 39 (29.09.2024)
| c/kg (Incl. VAT) | This week | Change prev. wk | 2023 | Change prev. yr |
| National Avg Price | 861.14 | ▲1 | 675.73 | ▲97 |
| YTD Avg | 733.19 | ▼-2 | 624.81 | ▲112 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 21/09/2024 | 641.8 | 641.1 | New season Lamb |
| 28/09/2024 | 640.5 | 640.0 | New season Lamb |
| Change | ▼-1 | ▼-1 | |
| Price in c/kg (Incl VAT) | 786.5 | 785.9 | 1 |
Live Sheep Exports 30th June
