Irish Beef Prices – w/e October 15th 2023
Throughput: Up until the week ending October 15th 2023, cattle throughput in DAFM approved plants totalled 1,381,842 head, a 3% decrease from the corresponding period last year. Prime cattle have been presented for slaughter a few weeks later that normal this autumn due to poorer performance at grass however throughout is expected to increase as we move into the final quarter of the year.
Cow availability has declined in recent weeks however with many producers starting to house cattle across the country the numbers being processed is expected to pick and operate to similar levels as 2022 in the run up to Christmas. Year-to-date cow-slaughtering’s are running 4,358 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 October 15th 2023, a total of 39,344 head of cattle were processed, which represented a decrease of 4% or 1,099 head on the equivalent week last year.
Prices: Tighter cattle supplies and lighter carcase weights have reduced the availability of beef for export in recent months however this lower level of supply has been met with lower consumption volumes across our key European markets. This has left the supply of cattle and the demand for beef finely balanced with quotes holding relatively steady as a result.
Base quotes for steers this week have mostly ranged from €4.60 and €4.65/kg, while quotes for heifers have largely worked off a base of €4.65/kg. Regarding cull cow prices, well-fleshed O-grades are typically selling for between €4.00 and €4.10/kg with finished P-grade cows making between €3.80 and €3.90/kg. Prices paid for better R-grade cull cows have been between €4.20 and €4.40/kg. For the week ending October 15th 2023, the average price paid by Irish beef processors for R3 steers decreased by 3c/kg to be €4.59/kg. This was the same as the corresponding week in 2022.
The average Irish R3 heifer price also decreased by 3c/kg to €4.63/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 largely recorded increases over the latest few weeks with the EU average price for R3 grading young bulls increased by 3c/kg last week at €4.88/kg (excluding VAT). On average, UK R3 steer prices slipped marginally to €5.41 kg (equivalent to £4.70/kg) for the week ending October 15th 2023.