UK prime cattle prices continue to increase
The all-prime deadweight average measure moved up to an average of 485.5p/kg for the four weeks in March. This was up 16% versus the same period last year. The week ending 1 April saw prices reach an average of 488p, a jump of 4.5p throughout the month. While still on an upward trajectory, the rate of price growth has slowed during March, when compared to February’s gains.
Steer prices remain elevated at an average of 486.9p/kg for March, with a high of 489.4p/kg in the week ending 1 April. On the month, prices were up 10.5p from February’s average. From the same four-week period in 2022, steer prices increased 67.4p.
Heifer prices showed less change in the first two weeks of March but had an uptick in the final two weeks. Prices jumped 3.5p in the third week and ended the month at 487.7p/kg. The average for the month was 485.1p, up 9.8p on February’s average. On the year, prices have risen by 66.5p for the same time-period in 2022.
Young bull prices climbed to a high of 472.7p/kg for the final week of March, following some fluctuations in the previous three weeks. Prices rose 7p throughout the month, with an average of 468.6p for four weeks. This is an uptick of 12.8p from February’s average, and up 65.7p on March 2022.
Cow prices plateaued for the first three weeks of March before easing by 0.7p in the final week, bringing the monthly average to 384.1p/kg. Comparing this to February’s average, there has however been an increase of 8p. Versus March 2022, cow prices were up 55p.
Prime cattle slaughter remained relatively equal throughout the month, reaching 128,100 head in March. This was up 3,700 head (3%) from the previous year, but down 2,200 head on the five-year average. Weekly slaughter figures averaged 32,000 head during March, being fairly consistent with February’s averages.
Tighter supplies and strong competition continue to support firm cattle prices. As we move forwards through spring and into summer the weather will be another crucial watchpoint for demand levels and subsequent pricing. We expect data imminently for Easter performance and how the cost of living has impacted beef trade.
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