News

UK's beef production to see medium term price stability as supply tightens

Frozen Bone-In Beef
Meat
United Kingdom
Market & Price Trends
Published Apr 16, 2024

Tridge summary

The UK's beef production is poised for medium-term price stability due to a tightening supply, as outlined by Hybu Cig Cymru-Meat Promotion Wales (HCC). Data from the British Cattle Movement Service (BCMS) reveals a decline in the GB breeding herd, with a 2% decrease since January 2023 and a 6% fall since January 2021. Although a short-term rise in cattle numbers is possible, a tighter supply is expected to lead to price stabilization in 2024. Global beef supply constraints, especially in Ireland and the EU, are anticipated to maintain high demand, bolstering the domestic market through export opportunities. The report also notes strong deadweight prices for prime cattle in 2023, a reduction in beef and veal production to its lowest since 2018, and shifts in beef import and export volumes. Consumer trends indicate a sustained strong demand for beef, particularly mince, within the UK.
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

Beef production in the UK is likely to see medium term price stability as supply is expected to tighten, experts say in a new report. Statistics from British Cattle Movement Service (BCMS) shows that the GB breeding herd stood at 2.7 million head in January 2024. This is almost 2 percent lower than January 2023 and a notable 6 percent 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 report by Hybu Cig Cymru-Meat Promotion Wales (HCC) that considers the factors impacting on the sector’s supply, demand and price, now and in the medium term. Glesni Phillips, HCC’s market intelligence executive, said: “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 ...
Source: FarmingUK
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