Irish Cattle & Sheep Trade & Prices w/e September 3rd 2023
Cattle & Beef
Throughput: Up until the week ending September 3rd 2023, the overall cattle throughput in DAFM approved plants has totalled approximately 1,165,586 head, a 3% decrease from the corresponding period last year. Cattle are coming forward later that normal due to summer grazing conditions and are expected to increase as we move into the latter of the year. Cow availability has declined in recent weeks and for the year-to-date cow-slaughterings are running 39,780 head behind of record 2022 levels. Prices for cows have also eased in recent weeks , reflecting a weaker trade in Europe for manufacturing beef. For the week ending September 3rd 2023, a total of 33,318 head of cattle were processed, which represented a decrease of 8% or -3,028 head on the equivalent week last year.
Prices: Despite tighter cattle supplies and lighter carcase weights, lower consumption volumes across markets are also impacting on market demand, leaving supply and demand currently finely balanced. Base quotes for steers have continued an upward trend and mostly range from €4.60 and €4.65/kg, while quotes for heifers mainly ranging from €4.70 to €4.75/kg. Regarding cull cow prices, well-fleshed O-grades are typically selling for between €4.00 and €4.10/kg. Finished P-grade cows are mainly making between €3.70 and €3.80/kg, while prices paid for better R-grade cull cows have been between €4.30 and €4.40/kg. For the week ending September 3rd 2023, the average price paid by Irish meat plants for R3 steers increased by 2c/kg to €4.62/kg. This was 17c/kg below the corresponding week in 2022. The average Irish R3 heifer price also increased by 2c/kg to €4.65/kg for the same week. Note that reported prices exclude VAT but include all bonus payments such as in-spec bonus, breed-based producer groups etc.
EU and UK prices: European young bull prices have increased over the latest few weeks, the EU average price for R3 grading young bulls up last week by 3cent/kg to reach €4.84/kg (excluding VAT). On average, UK R3 steer prices increased by £0.16p/kg to £4.66/kg, equivalent to €5.44/kg, for the week ending September 3rd 2023.
In the last few weeks we have seen a significant development to help advance the position of Irish Beef in our main beef markets, with the progression of the application for a PGI (protected geographic indication) for Irish Grass Fed Beef. This is the last stage in the approval process and if successful, will protect the name and reputation of Irish Grass Fed Beef, allowing it to be marketed alongside other well-known European regional speciality products.
Sheepmeat
Quotes: Base quotes for lambs from the major processors have held steady this week with 600-610c/kg (plus QA bonus) available. Market demand for lamb continues to be subdued in key export markets with inflation, higher levels of imports from non-EU markets and competition from other proteins continuing to impact the sector.
Prices: The reported deadweight price improved late last month, but have this week decreased €0.05c/kg to be €6.18/kg last week. In the same week in 2022 the reported price was €6.16/kg. Deadweight prices Great Britain came back by 12c/kg to €6.50/kg last week while prices in Northern Ireland also decreased €0.05c/kg to €6.07/kg respectively. Southern Hemisphere prices remain well below European prices with an average heavy lamb price in Australia and New Zealand last week of €2.71/kg and €3.81/kg, respectively.
Throughput: Last week’s lamb kill increased by just over 2,000 head to total 42,231 head. This takes spring lamb throughput for the year to date to 655,664 head. This is a decline of 67,000 head or 9% from the same period in 2022 with later lambing dates, smaller scanning percentages and longer finishing times on farms all contributing to this decline. After a strong start to the year the ewe kill in DAFM approved plants has also been operating at lower levels in recent weeks with cull sheep throughput for the year to date totalling 192,158 head, 10% lower than 2022 levels.
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