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Beef market monthly update - September 2023
Wednesday, 25 October 2023
Prices
GB deadweight prices firmed in September, following a period of decline. Prime cattle prices saw an increase of almost 4% from August to average 473.6p/kg over the month. Meanwhile, cull cow prices saw a month on month increase of over 4% to average 329.4p/kg.
Costs
Fuel prices have been climbing steadily over the last quarter, driven by price support in wider oil markets. Marginal monthly increases were also seen in fertiliser prices between August and September. Looking forward, any rises in natural gas prices in the months ahead are likely to translate into higher nitrogen fertiliser and fuel prices.
The latest Agricultural Price Index (API) shows that the rate of inflation in prices paid for goods and services has continued to ease. All key input costs are significantly down compared to last year, where they were inflated to historic highs relating to the war in Ukraine.
Production and Trade
Beef production was down slightly, both compared to last month and September of last year. We would expect to see slaughter levels increase in the run up to Christmas, as per seasonal trends.
Beef exports have generally tracked below 2022 levels over the summer. Exports were up slightly on the month, however down significantly compared to August last year. This is likely driven by subdued demand for beef on the continent, and the relative price position of UK cattle. Imports of fresh and frozen beef saw marginal decline in volume terms on both the month and the year.
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