The last 12 months will go down as a very positive year for the Irish beef industry. Prices got off to a sluggish start in the first quarter, with R3 bullocks starting off on €5.29/kg in January 2024.

The trade steadied in May and June on the back of low supplies and increased demand, with quotes bobbing around €5.51/kg in May and June.

A big reduction in the number of young bulls being killed, particularly around this time of year, added some impetus to the trade – with agents very hungry for cattle at the beginning of June.

The traditional squeeze came in August and 20c/kg was wiped off the beef price during that month.

The downward price pressure continued until the beginning of October, when the supply and demand curve shifted in farmers’ favour.

The beef price then continued to climb from mid-October onwards, finishing on a year high of €5.96/kg in the last week of December.

The positive price movement has continued into 2025 and the present forecast looks good at least for the first half of 2025. It was a record year for Irish beef exports, with the value of beef exports coming in at €2.8bn – driven by big demand from both EU and UK beef markets.

Standout performers were the UK, which crossed the €1bn mark in terms of value in 2024, while the Netherlands’ market also saw some very big gains in 2024 – up 12% on 2023 levels to €232m.

France and Italy, two other very important markets for Irish beef, saw some slight reductions on 2023.

Pricing

While the majority of cattle continue to be purchased on the grid payment system, more and more cattle are being bought on a flat rate basis – especially towards the end of 2024.

The shortage in supply also meant there was more leeway on in spec bonus criteria and very little deductions for carcase weights.

Base quotes are also becoming increasingly difficult to compare with breed bonuses, in-spec bonuses and factory club bonuses – all to be added on top of the official base quote.

Price gap

While 2024 finished up positive in terms of price, frustration remains around the huge gap that continues to exist between the Irish and UK beef price.

The gap widened to €1.04/kg during some periods of 2024, leaving Irish beef finishers asking serious questions about getting the full value of their animals, when the same animal is worth over €400/head more, in some cases, on the British market

This is especially grating for Irish finishers, when they see the market share of Irish beef in the UK growing in 2024.

The prime cattle kill remained steady in 2024, with just a 2,500 head rise over the 12 months. It was a different story for the cow kill, with an extra 29,281 cows killed in 2024 – up 7% on 2023 levels.

This was driven by increased pressure with regard to nitrates on dairy farms, especially during the first half of 2024.

There was also a big fall in suckler calf registrations in 2024, with 46,000 less registered – some of these would have also been processed in 2024, fuelling the higher cow disposal figure in 2024.

Numbers

Numbers are set to remain tight in 2025, with Bord Bia forecasting an 8% decrease in quarter one and a further 7% decrease in quarter two, leaving finished cattle supplies very tight for the first half of 2025.

Carcase weights are also a growing problem for processors, with an ever-increasing dairy influence on our national cattle kill, coupled with a drive to younger slaughter ages, seeing carcase weights decline in 2024.

Bullock carcases dropped by 6.3kg, while heifer carcases dropped by 6kg.