Weekly cattle & sheep market wrap – 15 August 2024

Thursday, 15 August 2024

Key points

Prices for week ending 10 August

  • GB prime cattle prices moved upwards once more, as numbers reduced further. The overall cow price meanwhile continued its seasonal reduction although remained up on the year.
  • The deadweight new season lamb SQQ nudged up further, despite more lambs forward during the week.
  • Reports suggest the export trade has offered some support to lamb values recently, as well as lower domestic supply.

Cattle

In the week ending 10 August, both the GB average R4L steer and heifer prices stood at 497p/kg, up 2.7 and 2.8p on the week, respectively. Young bulls of R3 carcase classification averaged 485p/kg, up 3.7p on the week.

These price moves came as estimated prime cattle slaughter fell by 3% to 31,500 head, primarily driven by fewer steers.

Seemingly past the seasonal peak, the overall cow price averaged 354p/kg in the latest week, down 2.4p from the week before. This was nevertheless up 37p on the year. Estimated kill was once again lower on the week and year.

Shifts in Irish cattle values have increased import price competitiveness, and this has reportedly contributed to an increase in levels of imported product on the market of late. The two-month lag in official import data means we will be unable to quantify this for several weeks. However, the current strength in cattle prices currently would suggest though that if imports have increased, the market has been able to absorb them, through either lack of supply or strong demand (or both).

Indeed from a demand angle, reports suggest that mince continues to trade well in retail, with burgers seeing an uplift in recent weeks due to better weather. Steaking – particularly rump – has also reportedly seen more traction through foodservice.

Sheep

The deadweight new season SQQ nudged up further in the week ending 10 August, despite an increase in estimated slaughter levels. The overall price averaged 667p/kg, up 12p on the week prior and 93p above the same week a year ago.

Estimated GB lamb slaughter increased by 14% on the week to 185,400 head but this was still back (-4%) on the equivalent week in 2023.

Market reports would suggest that exports have offered support to the trade, as well as historically tight domestic lamb numbers. Indeed, prices for UK lambs in Rungis market in Paris have seen an upwards move over the past week. Recent currency moves may also have played into the hands of exporters trading to the continent. Market reports since the 10th August however would paint a more mixed picture for pricing.

Image of staff member Hannah Clarke

Hannah Clarke

Senior Analyst (Red Meat)

See full bio

Topics:

Sectors:

Tags:

×