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Beef market monthly update – August 2023
Thursday, 21 September 2023
Prices
GB deadweight prime cattle prices in August were at the lowest point since January 2023, after a period of historic highs, averaging 456.8p/kg across the month. A similar trend was seen in deadweight cow prices, at 315.6p/kg which fell weekly, with prices down 32.5p (9%) compared to last year.
Costs
Input costs remain elevated, as fuel and fertiliser costs have increased throughout August. Growth in natural gas prices has driven the rising fuel and fertiliser costs, which could continue to grow into winter. Feed wheat prices have fallen from the historic highs of the previous 18-months, but continue to follow global markets, with small movements throughout the month.
All key inputs are, however, down on last year, where they stood at historic highs in the fall out of the war in Ukraine.
Production and trade
Beef production was slightly down compared to last year, but remained stable from July. Slaughter numbers reached the lowest for the year in August and were down against the same time last year.
Beef exports in July were down compared to last year, likely driven by a challenging consumer demand picture on the continent. Imports of fresh and frozen beef in July increased slightly year-on-year, however, were down compared to June.
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