News

UK: Pointers suggest future price stability in beef market

Frozen Bone-In Beef
Meat
United Kingdom
Market & Price Trends
Published Apr 11, 2024

Tridge summary

Recent data from the British Cattle Movement Service (BCMS) reveals a notable decline in the GB breeding herd, with a 2% decrease since January 2023 and a 6% decrease since January 2021, which could impact farmgate prices and beef supply stability in 2024. A report from HCC forecasts a global tight beef supply, as highlighted by the USDA, with production decreases in Ireland and the EU, yet an opportunity for increased exports exists due to sustained demand. Despite a temporary rise in cattle supply, the reduced breeding herd size points to a tighter future supply and fewer calf registrations, affecting the availability of slaughter-ready animals into 2026. Beef prices have remained strong throughout 2023, despite fluctuations in prime cattle and cull cow prices. The UK has seen a decrease in beef production, along with a decline in both exports and imports. However, consumer demand for beef, especially mince, remains robust in GB retail for 2023.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Statistics from British Cattle Movement Service (BCMS) shows that the GB breeding herd stood at 2.7 million head in January 2024 - almost two per cent lower than January 2023 and a notable six per cent smaller when compared to January 2021. However, in the short term, numbers may temporarily increase- and possibly impact on farmgate prices- before the expected tightening brings greater stability later in 2024. This data, and the associated projections, are part of a new HCC report as part of the Between the Lines series, Beef Supply: Update and Outlook that considers the factors that impact on the beef sector’s supply, demand and price, now and in the medium term. "The United States Department of Agriculture (USDA) outlook forecasts a tight supply of beef on the global market in 2024, with Ireland and the EU experiencing reduced production volumes", said Glesni Phillips, HCC’s Market Intelligence, Analysis and Business Insight Executive and author of the report. As a result, beef ...
Source: EuroMeat
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