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Beef market monthly update: January 2024
Thursday, 22 February 2024
Prices
GB deadweight prices for both cow and prime cattle increased week on week in January, with overall higher prices than December. The all-prime average price for January (490.6p/kg) matched figures seen back in Spring 2023. Prices began the month at 487.2p/kg, climbing slightly for the first three weeks, before ending the month at 491.4p.
The overall average cow price for January was 335.2p/kg, at its highest since July 2023. Weekly prices increased by 25p/kg from the beginning of the month. As indicated in the beef outlook, firm consumer demand for cheaper primary cuts such as mince could have contributed towards this.
Inputs
Fuel prices fell again in January, despite continued conflict in the Middle East, which threatens crude oil prices. Fertiliser prices similarly fell in January, continuing a slight decline. However, fertiliser prices remain historically elevated following the continued Russia-Ukraine war and European energy crisis. Wheat prices are pressured from weak demand and falling export prices in Russia.
Production
Beef production in January grew to 80,700 tonnes, up 5% year on year and 20% month on month against a relatively low December, according to Defra. Prime cattle slaughter totalled 177,800 head for the month, up 4% year-on-year. Carcase weights have risen slightly from December, averaging 346kg, just below the 5-year average.
Cow slaughter in January was up by 17% month on month and sat above the 5-year average, at 57,700 head. There was an extra working day in January 2024 compared to January 2023, which may explain some of the annual increases recorded in monthly cattle slaughter.
Trade
December imports for fresh and frozen beef were down by 14% year on year to 18,547 tonnes, further tightening the marketplace and likely offering further support to cattle prices. Beef exports also decreased in December totalling 8,134 tonnes. This figure was down by 21% year on year. From a high base in November, exports decreased by 27% month on month.
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