Weekly cattle and sheep market wrap – 03 October 2024

Key points

• The average GB deadweight prime cattle price continues to grow to record highs, sitting at 506.9p/kg for the week ending 28 September.
• The GB deadweight lamb SQQ eased slightly to 640/kg for the week ending 28 September as throughputs pulled back on the week.
• Firm beef trade appears demand driven as retail buyers look to procure cattle in the run up to key festive period.

Cattle 

The average GB deadweight prime cattle price continues to grow to record highs, sitting at 506.9p/kg for the week ending 28 September. This is up 2.8p/kg from last week and now sits 28.9p/kg higher than the same week in 2023.

Delving into the different prime categories, we saw the overall steer price up 2.9p/kg to 509.3p/kg, whilst the overall heifer price grew 2.4p/kg on the week, to sit at 505.4p/kg. The overall young bull price lifted by 3.2p/kg to 496.7p/kg.

AHDB estimated prime kill increased for the second consecutive week, up 1,700 head to sit at 34,400 head. This increase was primarily driven by greater steer numbers, up 1,400 head on the week. We also saw smaller week on week growth in the number of heifers coming forward.

Cow prices remain robust, down 0.1p/kg on the week to 358.8p/kg, sitting significantly above historic levels for this time of year (up 26.2p/kg y-o-y). Estimated kill for cows was 10,600 head, up slightly from the week prior.

Firm beef trade has been reported across auction markets with high prices across all cattle types. Procurement the festive period begins to support demand at this time of year, pushing prices up. As supply chains look towards the festive period we expect seasonal increases in demand to continue, giving support to prices. Expectations of lower cattle supplies in Q4 of this year and into 2025 will also contribute to the tightness in the market.

Sheep

The GB deadweight lamb SQQ eased slightly to 640.0p/kg for the week ending 28 September. This is a 1.1p/kg decline from the previous week, the second consecutive week of smaller price declines. The price still sits 90p higher than the same week in 2023.

Turning to throughputs, AHDB estimated GB kill was back nearly 6,500 head on the previous week. We continue to see throughputs significantly lower than last year, with this week back almost 20,000 head on the same week of 2023. This is a stark indicator of the reduced lamb supply so far this year, with lambs having been much slower to come forward. Defra figures for the year to date (Jan- Aug) put clean sheep slaughter back over 8%, compared to the same period of 2023.

Markets reports echo this sentiment, with tightness in lamb supply supporting trade. Continued challenges with the wet weather are impacting on condition with significant numbers of leaner lambs still coming forward and weighing on prices. Reports of firm trade on those with a better covering continue to support demand for well-fed lambs.

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