Prices

Deadweight pig prices in Ireland are on an upward trajectory in response to relatively tight supplies for slaughter. Prices have increased steadily week on week from a low of 190c/kg in mid February 2024. The average price paid for grade E pig prices in Ireland for the w/e 5th   October was €2.18/kg excluding Vat. The current Irish price is the same as the corresponding week last year.

Throughput

While throughput has improved in the last quarter demand continues to run ahead of supplies. Total throughput YTD is 2,490,838 which is marginally behind the corresponding period in 2023.

The latest available data from the CSO shows that Irish exports of primary pigmeat products were valued at €243 million, 2% higher than the corresponding period in 2023. A recovery in pig supplies for processing and a slight improvement in carcase weights have contributed to a similar 2% increase in export volumes during H1.

Within the H1 exports, there were notable increases in the value of trade to the UK (+16% to €71 million), and EU markets (+25% to €59 million). Meanwhile, there were declines in the value of Irish pigmeat exports to Asian markets (-15% to €77 million) and Oceania (-37% to €16 million.).

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Irish Cattle Trade & Prices Update: Throughput and Outlook

Irish Sheep Trade & Prices: Supply, Demand, and Stability

 Quotes

Base quotes for lambs from the major processors have improved slightly this week with €7.00-7.05/kg (+QA bonus) on offer. Relatively tight lamb supplies combined with some stability in demand from the domestic and export markets have contributed to this firming of the trade.

The latest sheep population statistics point towards a decline in sheepmeat availability in key sheep producing regions of the EU in the final quarter of 2024. Contractions in breeding ewe numbers combined with some disease issues, particularly the spread of blue tongue, have further depleted supplies for processing across the continent and created firm demand for those available.

Prices

Last weeks reported deadweight price firmed to €7.19/kg, back 21c/kg from the week previous and reflective of some increase in the supply of lambs coming forward for processing. In the corresponding week in 2023 the reported deadweight price was €6.17/kg.

The deadweight trade has shown mixed fortunes across the UK regions. Reported lamb prices in mainland GB were the equivalent of €7.46/kg  last week (-21c/kg) with some improvement in lamb supplies for processing contributing to this decline.

Meanwhile in Northern Ireland the trade has held steady with a reported price unchanged at 700c/kg. Relatively tight supplies of lamb for slaughter in Northern Ireland combined with competition from the live export trade to both mainland GB and ROI have contributed to this stability in the trade.

Southern Hemisphere prices remain well below European prices however they have improved significantly over the last few weeks, narrowing the price differential with the EU. With a lead time on product shipments this recent improvement in deadweight prices should impact their competitiveness on EU markets in the medium to  longer term.

Demand for Southern Hemisphere lamb in China has remained somewhat subdued in recent months however reports of stable demand in the Middle East and the US has helped redivert product away from key European markets.

Throughput

Total sheep throughput has held relatively consistent over the last four weeks, running just below the 60K mark. This is consistently below the throughput in the corresponding weeks last year and is reflective of the ongoing tighter supply situation. With relatively good demand from customers in key markets it has created firm demand for suitable lambs.

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Throughput

There were 40.956 cattle processed in DAFM approved plants last week, an uplift of just over 1,000 head from the previous week. This uplift is primarily due to an increase in the heifer kill of almost 800 head when compared to the previous week.

Prime cattle throughput YTD is currently on par with the same period last year at 990,000 head although a notable tightening in prime cattle availability is expected as we move into the final quarter of the year. A contraction in cattle numbers on the ground and a lively export trade have contributed to this outlook with numbers expected to remain tight for much of 2025.

Average carcase weights also continue to trend below previous years with the combination of a challenging grass growing season and a growing dairy influence on the prime cattle kill playing a role in the decline. The downward trend in average carcase weights is expected to continue in the short to medium term with calf registrations to suckler cows continuing to decline, while the number of beef sired calves produced from the dairy herd continues to increase.

Prices

There was a steadying in the base quotes at Irish meat plants this week in response to tighter supplies of suitable cattle. In general, producers were offered a base price of €5.00/kg for steers with reports of up to €5.15/kg available.

Starting quotes for heifers are in the region of €5.05/kg this week with similar room for negotiation being reported. The trade for young bulls was also described as steady, with prices of between €5.10/kg and €5.15/kg on-offer for R grading animals under 24 months of age.

 

The cow trade remains relatively steady, with well-fleshed O+ grading suckler cows being offered prices of €4.50-4.65/kg, while prices for O grading dairy cows generally range from €4.30-4.40/kg. 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 06 October 2024, the average price paid by Irish beef processors for R3 remained steady at €5.04/kg. This remained 39c/kg ahead the corresponding week in 2023 when the R3 steer price was €4.65/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

Across the EU, the average reported price for R3 grading young bulls was €5.28/kg (excluding VAT) for the week ending 06 October, 2024. This is 41c higher than week 32 of last year when prices averaged €4.87/kg for this category.

In the UK, tighter cattle supplies and firm demand have meant deadweight beef prices have continued to firm. This week the average UK R3 steer price increased by 4c/kg to €6.08/kg.

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The latest market update from the AHDB has revealed that cattle and sheep prices are holding steady as strong demand continues to support the market.

In its report for the week ending 10 October 2024, AHDB highlighted key trends in the livestock sector, with both cattle and sheep prices seeing minimal fluctuations.

Cattle Market Update

Deadweight cattle prices showed slight declines, with the overall average steer price down by 1.2p, now standing at 456.6p per kg. Despite this minor dip, cattle prices remain relatively strong due to solid demand from domestic processors. The report noted that tight cattle supply has kept the market firm, preventing any significant price drops.

Heifer prices remained stable, with the average deadweight price reaching 453.7p per kg, showing resilience in the market. Cull cow prices have also been holding steady, supported by ongoing demand for manufacturing beef.

Sheep Market Performance

Sheep prices have also remained firm, with the GB deadweight old season lamb (OSL) SQQ (standard quality quotation) recording a marginal rise of 0.1p per kg to reach 573.6p per kg. The liveweight OSL price saw a slight increase to 264.7p per kg, up by 1.7p. These price movements reflect the continuing demand for lamb, driven by steady domestic consumption and robust export demand.

AHDB analysts pointed out that lamb prices are expected to remain stable in the coming weeks, with supply conditions remaining tight due to seasonal factors. However, the outlook for the market could shift as the Christmas period approaches, when demand traditionally rises.

Looking Ahead

The AHDB report highlighted that while prices have remained stable, both cattle and sheep markets are subject to pressures from wider economic conditions, including rising input costs and fluctuating consumer demand. Nevertheless, strong domestic and export demand is expected to keep prices firm in the near term.

As the market moves towards the festive season, demand for lamb is likely to increase, potentially supporting further price rises. However, the cattle market will remain sensitive to shifts in supply and demand dynamics as the year progresses.

AHDB

Scotland’s Red Meat and Offal Exports Surge to £137m, QMS Survey Reveals

Throughput

There were 39,854 cattle processed in DAFM approved plants during the w/e 28th September 2024, taking throughput for the year to date to 1,302,187 head. This is a <1% decrease on the corresponding period in 2023 when a total of 1,304,095 cattle were processed.

There have been 957,868 prime cattle processed in the 39 weeks of 2024 so far, a 1% decrease from the same period last year (-3,251 head). Cow throughput has remained strong with 273,476 cows processed so far this year, a notable increase of 321,403 head (+9%).

 Quotes

Factory quotes remain stable being similar to what was quoted last week. In general, producers were offered a base price of €5.00/kg to €5.05/kg for steers. Starting quotes for heifers are in the region of €5.10/kg to €5.15/kg this week similar to last week.

The trade for young bulls was also described as steady, still working off a base of €5.35/kg- €5.40 and €5.20/kg on-offer for R grading animals under 24 months of age. The cow trade remains relatively steady, with well-fleshed O grading cows being offered prices of €4.50-4.65/kg, with a range of €4.70-4.80c/kg available for good quality R grading cows.

Prices

For the week ending 28th September 2024, the average price paid by Irish beef processors for R3 increased marginally by 1c/kg to €5.05/kg. This remained 39c/kg ahead the corresponding week in 2023 when the R3 steer price was €4.66/kg. Note that reported prices exclude VAT but include all bonus payments such as in-spec bonus, breed-based producer groups etc. 

Across the EU, the average reported price for R3 grading young bulls was €5.23/kg (excluding VAT) for the week ending 28th September, 2024. This is 38c higher than week 39 of last year when prices averaged €4.85/kg for this R3 young bulls.

In Britain, tighter cattle supplies and firm demand have meant deadweight beef prices have remained firm again. This week the average UK R3 steer price remained at €6.05/kg (equivalent to £5.06/kg)

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Cattle

The average GB deadweight prime cattle price once again saw another jump for the week ending 21 September of just over 2p/kg to sit at 504.1p/kg. This now sits 27p higher than the same week in 2023, and over £1 higher than the five-year average.

Breaking this down into categories, the overall steer price saw growth of 2.4p from the previous week to continue its ascent up to 506.4p/kg. The overall heifer price saw a similar change of +2.1p/kg to 503p, as the overall young bull price marked a 0.6p dip to 493.5p/kg. The overall cow price dropped by 1.7p/kg from the previous week to 358.9p/kg, continuing the period of relative stability since the end of August.

AHDB estimated prime kill was 1,900 head higher compared to the week prior, sitting at 32,700 head. This was 200 head lower than volumes for the same week in 2023. Steer and heifer kill recorded growth of 1,500 and 1,200 head from the previous week, suggesting that the uplift in price was demand driven. Market reports suggest that demand in both wholesale and retail markets is growing in the run up to Christmas. Equally, data suggests that cattle supply will tighten into Q4 and into 2025.

Looking into retail volumes of beef sold, this increased by 1.6% year-on-year in the 12 weeks to 1 September. This was primarily driven by an 8% uplift in burger and grill sales, compared to primary volumes which were stable, spurred on by better weather during this period.

Sheep

Meanwhile, the GB deadweight lamb SQQ dipped slightly to 641.1p/kg for the week ending 21 September. This marked a 1.8p drop from the previous week, a shallower decline than the previous two weeks. The price sat 88p higher than the same week in 2023.

Looking into numbers forward, AHDB estimated GB kill sat just over 2,000 head higher than in the previous week. This brought throughputs up to an estimated 206,500 head for the week ending 21 September. This week continues the seasonal trend of higher kill since late July, but remained 16,800 head back from the same week last year.

More generally, the store and breeding markets are reportedly at strong levels, with higher prices per head compared to last year for some breeding stock.

Consumer demand for lamb remains strong despite a near 6% increase in the average price paid for lamb in retail (in the 12 weeks to 1 September). Volumes during the same period grew by just over 4% year-on-year, likely as better weather drove higher frequency of shops for burgers and grills.

Izzy Shohet | AHDB

Cattle market

The cattle market generally eased this week, with the exception of the Dairy Cow Indicator. The easing in prices has been motivated by a slight decline in quality. Overall cattle yardings lifted by 5,064 head or 8% to 66,907 head, and Queensland experienced the seventh highest yarding on record at 30,929 head,

The Restocker Yearling Heifer Indicator eased by 27¢ to 272¢/kg liveweight (lwt) and yardings lifted by 2,325 to 4,481 head. Most of the lift came from Queensland, which increased by 978 head. At Roma, many of the previous week’s prices could not hold over to this week, particularly for lightweight yearling heifers. Market reports indicated buyers were more selective on light weight cattle and aimed for heavier cattle. Due to dry conditions, producers are offloading more lightweight cattle. There was also limited restocker cattle as most weaners were sent to northern Australia.

The Feeder Steer Indicator eased by 13¢ to 354¢/kg lwt, with prices easing in all states except for SA. Yardings lifted by 4,567 or a 29% lift to 10,978 head. At Dalby, lightweight yearling heifers returning to the paddock sold 15¢/kg cheaper. At Blackall, prices were 22% above the last sale due to good quality heavy feeder steers and heifers on offer. Market reports have indicated demand for heavier cattle and a lack of supply of cattle, particularly in southern Australia due to poor seasonal conditions.

Sheep market

There were mixed results in the sheep market this week. Notably, the Light Lamb Indicator and the Mutton Indicator both lifted by 2¢ to 10¢.  Sheep yardings eased by just over 1,000 head and lamb yardings followed a similar trend, easing by just under 10,000 head, totalling a 11,011 head reduction to 255,438 head.

Overall market reports have outlined a consistent trend of declining quality of old season lambs and more interest in new season lambs.

Despite the Heavy Lamb Indicator easing by 9¢ to 774¢/kg carcase weight (cwt), there continues to be demand for well-finished lambs. There are also signs of grain-assisted lambs coming to market and less interest in older light lambs.  At Wagga, 14,350 new-season lambs were yarded, with a significant proportion being trade and heavy export lambs.

Slaughter

Week ending 20 September 2024

Cattle slaughter eased by 210 to 140,192 head, however slaughter has remained stable overall, with minor fluctuations in Queensland, NSW, Victoria and WA. Queensland slaughter eased by 628 to 74,354 head, while NSW slaughtered lifted by 160 head. Slaughter year-to-date is 10% higher, with significant lifts in both Queensland and Victorian slaughter (12% and 41% respectively).

Lamb slaughter continued to ease by 22,289 to 423,435 head and remained 11% below 2023 slaughter figures. Slaughter dropped in most states except for Tasmania, where slaughter lifted by 1,649 head. Notably, Victorian slaughter eased by 20,458 head, a 9% drop compared to last week.

Sheep slaughter told a very different story, lifting by 8,740 to 221,353 head (marking it as the largest sheep slaughter since the 2019 drought). Victorian sheep slaughter lifted by 6,575 to 69,013 head, the second-largest sheep slaughter in the last four years. WA sheep slaughter rose by 2,113 head, while NSW slaughter eased by 421 head.

Attribute content to: Emily Tan, MLA Market Information Analyst

MLA

Throughput

There were 33,058 cattle processed in DAFM approved plants during the w/e 24 August, 2024, taking throughput for the year to date to 1,134,248 head.

This is on par with the corresponding period in 2023 when a total of 1,132,248 cattle were processed. There have been 812,537 prime cattle processed in the first 34 weeks of 2024, a 1.7% decrease from the same period last year (-13,841 head).

Cow throughput has remained strong with 280,823 cows processed so far this year, a notable increase of 25,820 head (+10%).

 Quotes

There was a steadying in the base quotes at Irish meat plants this week in response to tighter supplies of suitable cattle. In general, producers were offered a base price of €5.00-5.05/kg for steers with reports of up to €5.10/kg available. Starting quotes for heifers are in the region of €5.10-5.15/kg this week with similar room for negotiation being reported.

The trade for young bulls was also described as steady, with prices of between €5.20/kg and €5.30/kg on-offer for R grading animals under 24 months of age.

The cow trade remains relatively steady, with well-fleshed O grading cows being offered prices of €4.30-4.40/kg, with a range of €4.75-4.80c/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.

Prices

For the week ending 17 August 2024, the average price paid by Irish beef processors for R3 increased marginally to €5.02/kg. This remained 28c/kg ahead the corresponding week in 2023 when the R3 steer price was €4.72/kg.

Note that reported prices exclude VAT but include all bonus payments such as in-spec bonus, breed-based producer groups etc. Across the EU, the average reported price for R3 grading young bulls was €5.07/kg (excluding VAT) for the week ending 10 August, 2024. This is 29c higher than Week 33 of last year when prices averaged €4.78/kg for this category.

In Britain, tighter cattle supplies and firm demand have meant deadweight beef prices have started to firm again. This week the average UK R3 steer price increased by 3c/kg to €5.70/kg (equivalent to £4.90/kg)

Bord Bia

Prices

Deadweight pig prices in Ireland are on an upward trajectory in response to relatively tight supplies for slaughter. Prices have increased steadily week on week from a low of 190c/kg in mid February 2024.

The average price paid for grade E pig prices in Ireland for the w/e 17 September 8th was €2.25/kg excluding Vat. The current Irish price is the same as the corresponding week last year

Throughput

While throughput has improved in the last quarter demand continues to run ahead of supplies. Total throughput YTD is 2,237,287 which is marginally behind the corresponding period in 2023.

The latest available data from the CSO shows that Irish exports of primary pigmeat products were valued at €243 million, 2% higher than the corresponding period in 2023.

A recovery in pig supplies for processing and a slight improvement in carcase weights have contributed to a similar 2% increase in export volumes during H1.

Bord Bia

Cattle market

This week, cattle yarded through saleyards eased 21% to 53,161 head, though year-to-date throughput remains 29% above 2023 levels.

The cattle market was mixed this week. Restockers experienced some recovery, with the National Young Cattle Indicator lifting 7¢ to 362¢/kg carcase weight (cwt). Online sales in NSW made up the most significant portion of the indicator, followed by Queensland (Roma and Dalby) and Queensland online sales.

Improved conditions of young cattle and increased demand for steers lifted prices despite elevated supply. Improved quality of feeder cattle across NSW lifted feeder steer prices 3¢ to 349¢/kg liveweight (lwt).

Sheep market

Sheep and lamb yardings eased after the large yarding the previous week. The throughput of lamb fell by 22% to 171,082 head, and sheep yardings eased by 25% to 81,367. This resulted in a combined decline of 23%, driven mainly by decreases in NSW.

Despite a reduction in supply, the lamb market didn’t experience a recovery and continued to ease week-on-week. This was experienced across all states and indicators.

The Light (596¢/kg cwt), Heavy (783¢/kg cwt) and Trade Lamb (778¢/kg cwt) indicators all fell between 27¢ and 48¢. Buyer participation varied due to mixed quality through saleyards, and there was less demand due to maintenance shutdowns across some plants.

The entrance of significant numbers of mixed-quality new season lambs across NSW and Victoria saw a supply-driven price decline.

Slaughter

Week ending 13 September 2024

Cattle slaughter lifted 3% on the previous week to 140,402 head. NSW (33,330), Queensland (74,982), SA (3,275) and WA (2,796) had a 1% or less change week-on-week. Numbers through Victoria lifted 3% to 21,910, and Tasmania saw a significant lift to 4,109 with the return of reporting after scheduled shutdowns.

Sheep slaughter lifted 27% to 212,613 head, the third-highest throughput in the past five years and the most significant kill week since December 2019. The lift was driven by some processors coming back online, and a 47% increase in Victoria (62,438), a 27% increase in SA (22,280), and a 24% increase in NSW (85,428), which have experienced a generally dry winter period. Lamb slaughter lifted 9% to 445,724 head, also driven by processors coming online in the southern states, lifting 74% across SA to 52,342, and 10% in NSW to 11,278 head.

Combined slaughter increased 14% nationally to 658,337 across all states bar Tasmania. South Australia saw the biggest lift, up 56% from the week prior. Year-to-date, sheepmeat slaughter is still 15% above last year’s figures.

Attribute to: Erin Lukey, MLA Senior Market Information Analyst

MLA

Australian Red Meat Exports Boom in UK since Free Trade Agreement