Weekly cattle & sheep market wrap – 17 October 2024

Key points

Prices for week ending 12 October

• Some steam out of overall prime cattle averages in the latest reporting week, but values continued to rise as supply stood-on.
• Deadweight sheep prices softened further as supplies rose.

Cattle

Average GB prime cattle prices continued to rise for the week ending 12 October, as weekly slaughter stood-on. The overall average steer price was largely stable from the previous week at 512p/kg. Meanwhile the overall heifer price gained 0.9p to average 508p/kg; a slower rate of gain than the previous three weeks. However, animals of R4L specification saw greater gains, up by 2.2p and 2.0p on average on the week for steers and heifers, respectively.

The overall average cull cow price lost just over 4p to stand at 356p/kg in the latest week, being the largest weekly shift recorded in the measure for some time. However, the price was still 36p up on the year.

Estimated GB prime cattle kill stood-on at 34,400 head for the week ending 12 October. This was still up 1,200 head (4%) versus the same week a year ago. Stabilising numbers may offer more explanation for continued gains in price over the past two weeks. Demand-side commentary suggests the colder weather recently has driven momentum for some roasting and stewing cuts in particular.

Sheep

Meanwhile, the GB deadweight sheep SQQ lost a further 6.5p to average 618p/kg for the week ending 12 October. This put the measure up 61p year-on-year.

Estimated GB clean sheep slaughter rose by 4% from the previous week to 218,200 head but was still down notably on the same week a year ago (-8%; 20,000 head).

Market commentary around two-tier trade still evident, with meat receiving premiums in many cases. The recent wet weather in parts of the country may have exacerbated this. Elsewhere, key wholesale indicators suggest a stable pricing picture for export of late.