Demand for beef in Ireland’s key export markets continues to drive the trade, according to IFA Livestock Committee chairman Brendan Golden. In a recent beef update on 13 May, 2022, he said supplies are not meeting demand and factories want cattle for immediate slaughter.
Golden said UK prices rose again this week and, combined with the EU price, are resting 16c/kg above our price in the Prime Export Benchmark measure – highlighting the opportunity for further and stronger beef price increases.
Supplies of cattle in the UK are continuing at 6% below last year’s levels providing real opportunity for Irish beef to fill this deficit in a high-priced market. Golden said market conditions and availability of beef justify strong beef price growth and farmers should sell hard in a rising market.
Steer base EUR 4.95/5.05kg. Heifers EUR 5.00/5.10kg. Higher deals and flat prices for larger and specialist lots. Y Bulls R/U EUR 5.00/5.20kg. Cows EUR 4.30/5.00kg.
Meanwhile, IFA Sheep Committee chairman Kevin Comiskey said reducing supplies of hoggets has underpinned the spring lamb trade as factories actively seek out supplies. He said good quality hoggets are making EUR 7.50/kg and as numbers tighten demand for spring lambs is increasing in all factories. Numbers of spring lamb available are extremely tight, running almost 10 000 behind last year’s levels to date, which is pushing factories into offering deals on weights to 20.5kg with prices of EUR 8.40/kg commonplace.
He said spring lamb prices must push on to reflect the input cost exposure on sheep farms and factories must be more flexible on weights. Comiskey said demand for cull ewes is very strong with prices of EUR 4.00/kg and above paid by factories. He said farmers should sell hard while moving hoggets and lambs as they become fit.
Hogget EUR 7.20/7.50/kg. Spring lamb EUR 8.10/8.40/kg. Higher deals groups/larger lots. Ewes EUR 3.80/4.00/kg.