Beef Update
IFA Livestock Chairman Declan Hanrahan said improved market conditions and tightening supplies of cattle must be reflected with higher beef prices. He said UK prices are over 60c/kg above ours with EU prices strengthening further in the past week. Negative messaging from factories and their agents on price is at odds with the facts of the market and farmers should not be misled. Finished cattle supplies are tight and will tighten further in the coming weeks-based on projections for throughput for the year. Live export demand for store and finished cattle from Live exporters for NI and international markets is also adding important competition to the trade. Declan Hanrahan said the reality is factories are very anxious for cattle and are sourcing cattle for next day processing and paying prices 5/10c/kg above quotes. He said farmers should strongly resist any attempts by factories to buy cattle at lower prices. This week steer prices are ranging from €4.95kg to €5.10kg and heifers €5.00kg to €5.15kg. Young bulls R and U grades are ranging from €5.10kg to €5.30kg. Cows are making from €4.30kg to €4.80kg depending on the grade.
Beef Price Update 08/08/2024
Base Quotes Steer €4.95/5.10kg. Heifers €5.00/5.15kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U €5.10/5.30Kg. Cows €4.30/4.80kg.
Supply Figures as Reported by DAFM – WK 31 (04.08.2024)
| Animal | Number | Change prev wk | % of total | YTD | YTD Change |
| Y Bulls | 1,430 | ▼-111 | 1788% | 74,598 | ▼-5,580 |
| Bull | 823 | ▲41 | 1029% | 17,788 | ▲411 |
| Steer | 13,179 | ▲123 | 16474% | 367,855 | ▼-9,203 |
| Cow | 8,190 | ▲0 | 10238% | 260,110 | ▲24,972 |
| Heifer | 8,790 | ▼-612 | 10988% | 297,110 | ▲8,734 |
| Veal-V | 8,720 | ▲8,653 | 10900% | 19,678 | ▼-10,762 |
| Veal-Z | 29 | ▲9 | 36% | 1,287 | ▲159 |
Official Irish Prices as Reported by DAFM – WK 31 (04.08.2024)
| c/kg (Incl. VAT) | U3 | Change prev wk | R3 | Change prev wk | O3 | Change prev wk | P+3 | Change prev wk |
| Steers | 535 | ▲0 | 524 | ▼-3 | 512 | ▼-3 | 479 | ▼-1 |
| Heifers | 544 | ▲0 | 529 | ▼-2 | 518 | ▼-6 | 473 | ▼-3 |
| Y Bulls | 540 | ▲8 | 520 | ▲3 | 500 | ▲2 | 484 | ▼-4 |
| Cows | 0 | ▲0 | 475 | ▼-11 | 441 | ▼-2 | 430 | ▲3 |
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 |
| 27/07/2024 | 489.7 | 492.1 | 488.3 | 490.9 | 477.8 | 479.4 | 386.5 |
| 03/08/2024 | 490.0 | 494.0 | 488.3 | 490.9 | 478.5 | 479.4 | 386.1 |
| Change | ▲0 | ▲2 | ▲2 | ▲3 | ▲3 | ▲1 | ▼-4 |
| Price in c/kg (Incl VAT) | 601.7 | 606.6 | 601.8 | 606.3 | 590.9 | 589.6 | 467.8 |
Euro Price for the Most Recent Week (€/KG Deadweight excl. VAT)
| Country & Type | 23.07.2022 | 22.07.2023 | 27.07.2024 |
| EU + Y Bulls | € 4.91 | € 4.76 | € 5.04 |
| IE + Steers | € 4.86 | € 4.83 | € 5.02 |
| UK + Steers | € 5.14 | € 5.46 | € 5.77 |
LIVE EXPORTS W/C 29.07.2024
Sheep Update
IFA Sheep Chairman Adrian Gallagher said factory demand for lambs is strong as prices continue upwards this week. He said factory agents are very active over the past number of days trying secure number of suitable lambs for slaughter as number continue to tighten. Factories are offering deals from €7.25kg to €7.55kg for lambs on weights to 22kg with the higher price becoming a lot easier to negotiate. Cull ewes in general are making from €3.90kg to €4.40kg with some deals above these prices secured. He said store lamb sales have started positively but its crucial factories maintain strong and fair prices to underpin the trade for the remainder of the year. Adrian Gallagher said farmers should sell hard as lambs become fit and consider the mart outlet where agents, butchers and wholesaler are competing very strongly for the limited number of finished lambs available.
Lamb Price Update 08/08/2024
Spring Lamb €7.25kg/7.55kg. Weights to 22kg. Hogget €6.00/6.40/kg. Weights to 24kg. Higher deals groups/larger lots. Ewes €3.90/4.40/kg.
Supply Figures as Reported by DAFM – WK 31 (04.08.2024)
| Animal | Figure | Change | YTD | YTD Change |
| Lambs/Hoggets | 747 | ▲74 | 894,040 | ▲216,028 |
| Spring Lambs | 42,316 | ▲1,512 | 440,093 | ▼-81,871 |
| Ewes and Rams | 6,402 | ▲256 | 146,409 | ▼-22,697 |
| Light Lambs | 0 | ▼-1 | 102 | ▼-25 |
| TOTAL | 49,465 | ▲1,841 | 1,480,644 | ▼-188,565 |
Official Irish Prices as Reported by DAFM – WK 31 (04.08.2024)
| c/kg (Incl. VAT) | This week | Change prev. wk | 2023 | Change prev. yr |
| National Avg Price | 861.14 | ▲6 | 675.73 | ▲75 |
| YTD Avg | 733.19 | ▼-3 | 624.81 | ▲115 |
Official GB Prices as Reported by AHDB
| R3L | Overall SQQ* | Type of lamb | |
| 20/07/2024 | 647.0 | 647.2 | New season Lamb |
| 27/07/2024 | 648.6 | 649.0 | New season Lamb |
| Change | ▲2 | ▲2 | |
| Price in c/kg (Incl VAT) | 796.4 | 796.9 | 1 |
Live Sheep exports 30th June 2024
