Irish Cattle Trade & Prices w/e May 12th 2024
Cattle & Beef
Throughput: There were 30,743 cattle processed in DAFM approved plants during the week ending May 12th 2024, taking throughput for the year to date to 660,140 head. This is a 18,633 head or 3% increase on the corresponding period in 2023 when a total of 641,507 cattle were processed. There have been 470,841 prime cattle processed in the first 19 weeks of 2024, a 3% increase from the same period last year (+11,950 head). Cow throughput has remained strong with 160,852 cows processed so far this year, a notable increase of 19,053 head (+10%)
Prices: Prime cattle supplies have steadied, and this has been reflected in a steadying of the base quotes from the major processors, with base quotes increasing last week. Base quotes this week are in the region of €5.15/kg for steers while starting quotes for heifers are around €5.20/kg. The trade for the smaller numbers of young bulls on offer remains steady with €5.30-5.40/kg available for R grading animals under 24 months of age.
The cow trade has remained solid, particularly this week despite the strong throughput in recent weeks. Well fleshed O grading cows are being quoted at €4.60 with €4.70-4.80c/kg available for good quality R grading cows. A significant proportion of the cow kill have achieved a conformation score of P in recent months and the prices available for these animals vary significantly based on grade, weight and quality.
For the week ending May 12th 2024, the average price paid by Irish beef processors for R3 increased by 1c/kg to be €5.22/kg. This was 6c/kg behind the corresponding week in 2023 when the R3 steer price was €5.28/kg. 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 held relatively stable in the early weeks of 2024. The average reported price for R3 grading young bulls was €5.01/kg (excluding VAT) for the week ending May12th 2024. This is the same as Week 19 last year. Tighter cattle supplies and firm demand have meant deadweight beef prices in the UK have remained strong. This week the average R3 steer price increased 4c/kg to be €5.72/kg (equivalent to £4.91/kg).
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