December 28, 2023
 

Irish factory cattle supplies expected to decline by 2% in 2024

In a projection for the year ahead, Bord Bia's beef sector manager, Maek Zieg, anticipates a 2% decrease in Republic of Ireland factory cattle supplies in 2024, Agriland reported.

Zieg also highlights an expected 1% contraction in beef production across Europe for the same period. He notes a potential relaxation in the cost-of-living crisis, foreseeing a positive impact on demand for Irish beef.

Reflecting on trade trends in 2023, Zieg observes that reduced cattle supplies and lighter carcass weights affected beef export volumes. Despite lower supplies, export value experienced growth, driven by higher average cattle prices and increased average value per tonne of exported product.

Zieg said the United Kingdom constitutes almost half of Irish beef exports in value terms during 2023. Tighter cattle supplies in the region led to firm domestic prices and heightened demand for imported beef.

Throughout the European Union, beef production saw a decline of over 3% in 2023, with notable reductions in Italy, France, and Spain. Reduced beef imports from international suppliers contributed to tighter supplies in the EU market.

While there was a lower availability of beef, it did not stimulate a market uplift, with European young bull prices remaining on par with 2022. Prices rallied in the final weeks of the year due to pre-Christmas trade and colder weather, providing momentum to the market.

Irish beef exports to international markets were lower in 2023, influenced by relatively high prices in the UK and EU. Increased availability of low-priced South American and Australian products contributed to a more competitive landscape in other markets.

-      Agriland