The national lamb market today is very different to what it was 12 months ago. Drying conditions and concerns of an emerging El Niño event have impacted market confidence, lifting turn-off through saleyards. Last year, the flock had been rebuilding for three years and was operating at a high base with supply at long-term records. This dynamic caused the most significant price drop in recent years.

The livestock markets have demonstrated resilience in 2024 and are significantly more stable than in the past five years.

During September 2023, lamb indicator prices reached historic lows. The Light Lamb Indicator fell to 287¢/kg carcase weight (cwt), and the Restocker Lamb Indicator fell to 250¢/kg cwt – the lowest nominal price of both indicators since 2007. In the same month, the Trade Lamb Indicator fell to 433¢/kg cwt, and the Heavy Lamb Indicator fell to 451¢/kg cwt, their lowest nominal price since 2014 and 2013.

An extended and severe price drop from record highs also occurred in September 2023 – prices fell between 50% and 75%. In October, much of the country felt relief due to rainfall. The El Niño declaration was removed and prices returned as producers felt comfortable holding onto stock over the summer months.

All lamb indicators entered the new year strong, with the Restocker and Light Lamb indicators fetching their highest price during the year’s first sale at 767¢/kg cwt and 685¢/kg cwt, over 160% above the September 2023 bottom. Indicators have remained strong throughout 2024. The Heavy and Trade Lamb indicators climbed to their annual peak in August at 865¢/kg cwt and 878 ¢/kg cwt, over 95% above the September bottom.

Despite current prices not reaching their rebuild records, they remain 79–158% above the same time last year. The current market conditions, when compared to the past five years, show a positive shift towards stability and alignment with seasonal trends, instilling a sense of optimism in the market.

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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.

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Cattle market

The cattle market has been generally positive, with the exception of the Feeder Steer Indicator. Yardings eased by 818 to 61,603 head and year-to-date yardings are up by 27%.

The Feeder Steer Indicator eased by 7¢ to 364¢/kg liveweight (lwt), yardings eased slightly by 430 to 5,748 head. Prices eased in most states, notably in NSW where prices eased by 5¢. At Wagga, competition in the feeder steer market was subdued, though prices lifted at the end of the sale.

The Restocker Yearling Steer Indicator lifted by 5¢ to 374¢/kg lwt, following a lift in prices over the past two weeks. Overall NSW prices eased by 2¢, notably at Casino where prices eased by 87¢, with a larger number of plainer quality cattle. According to market reports, there are plenty of lightweight steers, heifers and calves as producers offload due to a shortage of water.

Sheep market

The sheep market has eased for all indicators except the Restocker Lamb Indicator. Total yardings lifted by 33,657 to 310,235 head, the highest since the end of July. Lamb yardings grew by 24,732 head while sheep yardings lifted by 8,925 head.

The Light Lamb Indicator eased by 26¢ to 654¢/kg carcase weight (cwt), and yardings lifted by 1,642 to 37,391 head. Prices eased in all states except Victoria, where prices lifted by 57¢. Overall, the quality of lambs has eased, resulting in a slight price reduction.

The Mutton Indicator eased by 37¢ to 314¢/kg cwt, with prices easing in NSW and Victoria. At Wagga, there was a high quality offering of good, heavy sheep, but buyers were more selective than usual, given yardings lifted by 2,500 head.

Slaughter              

Week ending 6 September 2024

Cattle slaughter eased by 4,454 to 136,536 head. Slaughter eased in most states, particularly in NSW and Tasmania where slaughter eased by 1,206 and 2,067 head, respectively. Year-to-date slaughter has lifted by 9% (10,914 head), indicating the steady processing capacity.

Combined sheep and lamb slaughter eased by 13,754 to 575,072 head. Slaughter is now 7% below the same time last year. Lamb slaughter eased by 604 to 407,469 head, which marks the fifth week that lamb slaughter is trending below 2023 figures. A handful of processors are still shut down at this time of year. As a result, NSW slaughter eased by 6,654 head while SA lamb slaughter lifted by 5,108 head. Sheep slaughter also eased by 13,150 to 167,603 head. NSW slaughter eased by 13,139 head, and Tasmania and Victoria both eased slightly at 2,170 and 2,922 head respectively.

Attribute content to Emily Tan, MLA Market Information Analyst

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Cattle

Finished prime cattle prices ticked up again across most regions in the week ending 31 August. This week included the Bank Holiday Monday, as prime cattle numbers saw a dip of an estimated 2,600 on the week before to 29,500 head. However, estimated slaughter remained elevated against the same week a year ago.

The overall average GB steer measure rose by 2.6p on the week to 499p/kg, while steers of R4L specification rose by 3.9p to average 507p/kg overall. Heifers rose by 2.4p overall to average 496p/kg, while young bulls rose by 2.4p overall to average 490p/kg.

Cows meanwhile maintained their high position, averaging 359p/kg across all carcase classifications, up 0.6p from the previous week. Estimated cow slaughter dipped by 600 head to 8,200 head during the shorter week.

Market reports suggest that there has been increased demand of late for roasting and steaking cuts. Beef demand has reportedly seen boosts due to the bank holiday from both retail and foodservice.

Sheep

The GB deadweight new season SQQ averaged 664p/kg in the week ending 31 August, down 2p from the previous week. The measure stood over £1/kg ahead of the same week a year ago.

In contrast to cattle, estimated lamb slaughter stood largely stable from the week before at an estimated 189,800 head (up 900 head). However, numbers remained notably lower year-on-year, continuing to point to tightness in the new season crop.

Market reports would suggest the overall quality of lambs forward is rather mixed, with meat well sought-after. Indicators would suggest the export trade is currently fairly robust, with prices out of Rungis wholesale market steady-to-firmer over the past week.

Hannah Clarke | AHDB

Beef market held up by tightening supply

 Prices

Deadweight pig prices in Ireland are holding relatively stable after increasing strongly from a low of 190c/kg in mid-February until early August. The average price paid for grade E pig prices in Ireland for the w/e 24 August 2024 was 231c/kg excluding Vat. The current Irish price is 6c/kg higher than 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 2,102,474 which is marginally behind the corresponding period in 2023. Throughput for week ending 24 August 2024, was 65,787 a marginal increase from the previous week

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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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

Cattle

The cattle market, although generally mixed, was still supported by a strong foundation this week. Yardings eased by 5,897 to 48,642 head, with year-to-date yardings 7% above current levels.

The Heavy Steer Indicator eased by 2¢ to 345¢/kg liveweight (lwt), and prices eased in NSW and Queensland while all other states experienced lifts. Yardings saw a lift of 133 head over the past week.

The Restocker Yearling Heifer Indicator lifted by 4¢ to 368¢/kg lwt. The highest prices were seen at Tamworth, Carcoar and Wagga which contributed to 13% of the indicator. At Wagga and Tamworth, increased interest for heifers is outpacing demand for steers in some cases. This increased demand for heifers for restocking or feedlots has pushed prices upwards.

Sheep

The sheep market has been generally positive except for the Mutton Indicator, which eased by 8¢. Both sheep and lamb yardings eased this week, totalling 13,237 head reduction in yardings.

The Trade Lamb Indicator lifted by 28¢ to 836¢/kg carcase weight (cwt), and prices lifted across most states except for WA. Yarding eased by 2,831 to 35,582 head. Forbes saw the highest trade lamb price at 873¢/kg cwt. However, most lambs at Forbes fell into the trade lamb categories with fewer heavy trade and heavy lambs available at market.

A lift of 45¢ was seen for the Restocker Lamb Indicator, totalling 632¢/kg cwt. Prices lifted in all states except NSW which eased by 19¢. Throughput in Wagga surged by 24,408 head, leading to 2.8 times more restocker lambs being sold. Despite this increase in supply, prices at Wagga lifted by 9¢. However, as the season progresses, lambs are trending lighter from both early weaning and the effects of a drier season.

Slaughter

Week ending 30 August

Cattle slaughter eased by 120 to 140,990 head. There were mixed results across the states, however small lifts were recorded in NSW, Queensland and WA. For the second week in a row Queensland achieved the largest weekly slaughter in four years at 75,201 head. Year-to-date, slaughter has lifted by 11% compared to 2023, indicating processing capacity strength.

Combined lamb and sheep slaughter lifted by 54,756 to 588,826 head. Sheep slaughter lifted by 38,094 to 180,753 head, with NSW seeing lifts of 25% and Victorian slaughter lifting by 26%. Lamb slaughter lifted by 16,662 to total 408,073 head. Lamb slaughter eased by 11,063 to 210,257 head in Victoria while SA experienced lifts in lamb slaughter by 24,434 head. Overall lamb slaughter has eased over August due to multiple processor shutdowns and fewer lambs available to market.

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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 August 2024 was 230c/kg excluding Vat. The current Irish price is 6c/kg higher than 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 2,036,687 which is marginally behind the corresponding period in 2023. Throughput for week ending 17 August 2024, was 63,920 back up by almost 10,000 head from the week previous due to lower figures week previous due to the impact of the bank holiday.

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.).

Bord Bia

Cattle market

The cattle market was mixed this week, with increases in the Heavy Steer and Processor Cow indicators. Yardings eased for most indicators except for the Feeder Steer and Restocker Yearling Steer, which lifted by 3,046 to 53,855 head.

The Feeder Steer Indicator eased by 9¢ to 681¢/kg liveweight (lwt), with yardings lifting by 37%. At Gunnedah, heavy feeder steers experienced a firm market, but due to quality-related changes, prices were mixed. At Wagga, heavy feeder steers were scarce, causing fewer buyers to bid strongly.

The Restocker Yearling Steer Indicator eased by 10¢ to 365¢/kg lwt. Positive pricing in NSW was supported by wet weather. At Tamworth, prices lifted by 32¢, motivated by strong restocker demand as we head into spring. In Queensland, due to mixed quality and conditions, prices eased by 14¢.

Sheep market

The sheep market has been generally positive this week for all indicators. The ease in yardings was largely driven by a reduction in lamb yardings by 9,145 head.

The Light Lamb Indicator lifted by 19¢ to 662¢/kg carcase weight (cwt), with yardings remaining relatively stable. Prices in most states eased, however NSW prices lifted by 33¢. Supply is tight in key saleyards as some lambs struggled to meet a fat score 2, making them cheaper compared to heavier weights.

The Restocker Lamb Indicator eased by 5¢ to 585¢/kg cwt, with mixed prices across states. A lift of 40¢ to 753¢/kg cwt occurred in NSW, while Victoria eased 54¢ to 444¢/kg cwt. In Victoria, the quality of supply has declined, with more secondary plainer lambs entering the market, resulting in throughput halving.

Slaughter

Week ending 23 August

Cattle slaughter lifted by 7,087 to 141,110 head. Throughout most states except Queensland, there was an ease in slaughter. Queensland slaughter lifted by 14% to 74,974 head, marking the largest weekly Queensland slaughter in the last four years. Weekly slaughter in 2024 continues to track 16% above 2023 slaughter indicating strong processing capacity.

Sheep and lamb slaughter eased by 33,771 to 534,070 head, notably from reductions in lamb slaughter from 21,741 to 391,411 head. This ease in lamb slaughter has been due to multiple processor shutdowns in SA. NSW lamb slaughter eased by 3,308 head a 16% decline compared to a year ago, while sheep slaughter eased by 12,030 to 142,659 head. Victorian slaughter eased by 16,305 head, a 31% drop from last week. There were moderate lifts in slaughter seen in NSW, Tasmania and WA.

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Throughput

There were 32,065 cattle processed in DAFM approved plants during the w/e 17 August, 2024, taking throughput for the year to date to 1,101,190 head. This is a -3,416 head or 0.5% decrease on the corresponding period in 2023 when a total of 1,097,774 cattle were processed.

There have been 787,216 prime cattle processed in the first 33 weeks of 2024, a 2.3% decrease from the same period last year (-12,023 head). Cow throughput has remained strong with 273,476 cows processed so far this year, a notable increase of 25,133 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/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 cows being offered prices of €4.45-4.50/kg, with a range of €4.60-4.70c/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

Irish Sheep Trade & Prices w/e August 10th 2024