July 27, 2023

Finished cattle prices in Republic of Ireland 9% higher in 2023

According to a recent report by Teagasc, the state agency responsible for research, advisory, and education in agriculture and rural development in the Republic of Ireland, finished cattle prices in the country have been 9% higher in 2023 compared to the same period last year, Agriland reported.

The mid-year assessment of the "Situation and Outlook for Irish Agriculture for 2023" report forecasts a "positive" outlook for beef prices this year, with Irish finished cattle prices expected to increase by 5% overall relative to 2022. Weanling and store prices are also predicted to rise by 5% compared to last year.

The report highlights that the timing of cattle marketing is proving crucial for individual farm businesses this year. The improved beef prices are supported by higher prices for swine and poultry in response to animal disease outbreaks.

On the other hand, Irish beef production is experiencing a decrease, down 4% in 2023 compared to the previous year. For the whole of 2023, Irish prime beef production is forecasted to decrease by 2% compared to 2022.

Beef production is expected to peak in the third quarter of this year and may surpass the levels observed for the same period in recent years, according to the report. Elevated feed prices could be a contributing factor to delayed cattle finishing on some farms.

Looking at the wider EU context, beef supply declined by 3.7% in the first quarter of 2023 and is expected to be 2% lower for the entire year. This decrease is mainly attributed to a reduction in the size of both the dairy and beef cow herds.

Beef exports are expected to decrease by 5% in 2023 due to increased competition in markets and higher EU prices, while imports are anticipated to rise during the same period.

The report also highlights that total EU domestic use of beef is forecasted to be lower in 2023 relative to 2022, mainly due to high inflation negatively impacting consumer demand. Additionally, low economic growth in the UK is expected to have a negative impact on the demand for beef.

-      Agriland