Tight supplies of slaughter-fit cattle are set to boost the beef trade for 2024. Falling numbers of beef cattle in the UK are also driving the demand for Irish beef.

A massive €350/head price gap between Irish and British beef prices has further fueled demand among buyers of Irish beef.

Irish factories are now said to be concerned about supplies for spring and early summer 2024.

A sharp fall-off in the young bull kill, which usually props up beef supplies at that time of year, is adding to their concern.

The young bull kill has almost halved from 197,000 bulls slaughtered in 2018 to just over 113,000 in 2023.

Bord Bia is estimating the Irish kill will contract by 2% in 2024. This follows a 2.5%, or 44,000 head reduction, in 2023. Beef production across Europe is also forecast to be down by 1% in 2024.

Lower carcase weights, arising from an increasing proportion of beef coming from the dairy herd, are also reducing the volume of beef processed per animal.

Positive 2024

All of these factors, coupled with the fact that Ireland had its highest number of live cattle exported in the last decade in 2023, points to a positive 2024 for the Irish beef trade.

Base quotes for bullocks and heifers are at €5/kg this week, with Aberdeen Angus heifers from specialist producer groups securing almost €5.70/kg including bonuses.