Weekly cattle & sheep market wrap – 29 August 2024

Prices for week ending 24 August 2024

Key points

• The GB deadweight all prime average cattle price grew to 494.2p/kg, up 3.7p/kg on the week, with robust demand for beef products offering suport to the price.
• Total prime cattle throughput also increased, by nearly 400 head. Greater numbers of steers drove this increase, with cow throughputs also on the up.
• GB new season deadweight SQQ held at 665.5p/kg in the week ending 24th August, whilst estimated slaughterings fell back from the week before. 

Cattle

The GB deadweight all prime average cattle price increased on the week to sit at 494.2p/kg, up 3.7p/kg on the previous week. This is this third consecutive week of considerable gains in the all-prime price, as we saw price rises across both steers and heifers. Average steer price was 496.1p/kg, up 3p/kg on the week, whilst average heifer price grew by 4.5p/kg to 493.4p/kg for the week ending 24th August. Young bulls also gained on the week, with the overall price up 2.8p/kg to sit at 487.2p/kg.

AHDB’s estimated slaughterings puts total prime throughput up nearly 400 head on the previous week, with steers driving the increase in numbers. Young bull numbers were back slightly on the week prior.

Turning to cows, we also saw prices on the up this week with the GB overall cow price at 358.3p/kg, a 3.5p/kg increase on the week. Cow throughput also moved higher, increasing by almost 450 head compared to the previous week.

Reports suggest increased demand for steaking items such as rumps and sirloins pushed beef wholesale prices upwards for the reported week, with suppliers looking to secure these cuts ahead of anticipated barbeque demand over the bank holiday weekend. The latest AHDB retail data, for the 12 weeks up to 4th August, saw beef volumes increase by 1.5% (1,800 tonnes) year on year. This was primarily driven by greater volumes of mince sold, a consistent consumer trend attributed to its versatility and lower price point.

Robust demand for beef products from both retail and foodservice sectors is likely supporting the deadweight cattle price. These higher prices may be bringing a few more cattle forward, with throughputs up both on the week and year.

Sheep

The GB new season deadweight SQQ held at 665.5p/kg in the week ending 24th August, a slight increase of 0.7p/kg on the week. We are still sitting well above year ago levels, with this week’s price 97.6p/kg higher than the same week of 2023.

AHDB GB estimated lamb kill totalled at 188,900 head, up almost 5,000 head on the week prior. Estimated kill is back 37,00 head (17%) compared to the same week in 2023.

Retail data up to 4th August saw spend on lamb increase by 6.3% year on year, with volumes up by 1.5%. We saw the greatest volume increase in sous vide, where increased shopper numbers drove growth in this added value category. We also saw burgers and grills perform well in the period, with volumes up 71,000kgs year on year.

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