Here are the latest Bord Bia cattle trade and prices figures for cattle and beef.
Throughput
Cattle supplies at export approved meat plants totaled 31,640 head during the week ending 5 May, 2022 (Week 18). This is 5,785 head below the previous week’s figure and 3,321 head above the corresponding week in 2021 (+12%). A total of 638,664 cattle have been processed during 2022 to date, an increase of 72,589 head from the corresponding period in 2021 (+13%). This increase in throughput has been driven by an additional 38,062 prime cattle (+9%) and a strong increase in the cow kill by 25,653 head (+23%). Overall production of finished cattle is predicted to increase by 80-90,000 head for the year.
Prices
There are signs of further improvement in the beef trade with some upward movement in the base quotes from meat plants on back of firm demand for beef. Consumer demand remains good in general, although the retail channel is proving more challenging in the face of price increases. However, the wider reopening of foodservice continues to drive strong volumes.
The demand for manufacturing beef is especially positive and this factor has underpinned the high beef prices across Europe. However, higher prices are posing difficulty for many consumers who are facing inflationary pressures on their household expenditure across the board and this has led some of our European customers to put a greater focus on other proteins such as pigmeat and poultry, which remain more competitive in price terms.
The average reported R3 steer price continued to climb for the week ending May 5, 2022, jumping by 7c/kg on the previous week to reach €4.97/kg. Heifer prices also continued to increase, and jumped 4c/kg to €4.97/kg on the previous week. In the corresponding week in 2021, the R3 steer and heifer price were €4.11/kg and €4.16/kg, respectfully. This places the Irish R3 steer price last week 86c/kg or 21% higher than during the same week in 2021 while the R3 heifer price was 81c/kg or 20% higher than the corresponding week in 2021. While this is a strong increase in the beef price year on year the increased returns are being eroded by higher input costs at farm level. Note that reported prices exclude VAT but include all bonuses such as for breed-based producer groups.|
World prices
For the week ending 5 May, 2022, global beef prices have remained strong. Average R3 young bull prices in the EU have experienced strong growth over the last number of weeks, and has increased by 1c/kg to reach €5.15/kg (excluding VAT). The latest reported Irish R3 steers lie somewhat below this figure at €4.97/kg. The UK R3 steer price decreased by 1c/kg, equating to €5.20/kg.
Composite prices
The Irish prime composite cattle price and the prime Export Benchmark for week ending May 5, 2022 were equivalent to €4.92/kg and €5.08/kg deadweight respectfully. These exclude VAT.
The Irish Composite prime cattle price for week ending May 5, 2022 was €4.92/kg deadweight excluding VAT, compared with the EU export benchmark (excluding UK) of €5.11/kg.