Weekly cattle & sheep market wrap – 27 June 2024

Key points

Prices for week ending 22 June 2024

• Average prime deadweight cattle prices were relatively steady in the latest week, as supplies reduced. Cows saw slight pressure in the overall average price despite lower kill.
• Conversely, new season lamb prices continued on their seasonal downturn, despite numbers falling from the week prior.

Cattle

GB deadweight prime cattle prices were steady-to-firmer in the latest week, as weekly numbers lowered. The average overall steer price lost just 0.1p to average 478p/kg, while heifers gained 0.2p to average 476p/kg over all carcase classifications in the sample. Young bulls meanwhile gained 1.5p overall to average 469p/kg.

The GB overall average deadweight cow price eased 1.2p to 359p/kg for the week ending 22 June, despite numbers being back slightly (300 head) on the week.

Estimated weekly prime kill lost 1,400 head to stand at 34,100 animals. This was driven primarily by fewer heifers processed. However, Defra figures show that for Jan-May, GB heifer kill has been above last year by 7%. This has contributed to a 3.7% rise in total GB prime cattle slaughter so far this year.

Increased domestic kill and greater levels of competitive imports have weighed on farmgate prices of late. However, on the demand side, latest data for the 12 weeks to 9 June shows relatively stable beef retail sales year-on-year (+0.1%). Growth in mince, sous vide and roasting are just outweighing declines in cuts like burgers & grills and stewing. While we are currently around the seasonal peak months for burger sales, the latest figures would suggest that volumes have recently slipped behind those recorded last year, with mince taking share, potentially due to the lacklustre weather of late. However, we await to see if the scorching temperatures over the past week have turned the tide.

Sheep

In the same reporting period, the GB deadweight new season SQQ averaged 780p/kg, down 31p from the previous week. Numbers were down 14% on the week before, following a spike in kill due to procurement for Eid-ul-Adha. Compared to the equivalent post-Eid weeks in 2023 and 2022, numbers were back considerably. As a result, the new season SQQ was up 145p when compared to the same week last year.

From a wider demand perspective, the latest Kantar retail figures from the 12 weeks to 9 June show total lamb volume sales were up 4.8% on the year. However, this data still includes the Easter period, which was very strong for promotional sales. More recent insight suggests sales have moved closer to last year’s levels, with steaks showing improved performance.

Elsewhere, lamb prices out of Rungis wholesale market in Paris have fallen into this week, suggesting a weakening in demand in some key export markets. 

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