Beef Prices Soar: Record Factory Quotes for November 2023

This week, beef processors released their highest price quotes ever, peaking on November 18. Prices have surpassed those seen in early June 2022, surprising many in the beef industry. Traditionally, beef prices decline in late November, but this year, the trend is reversed as prices continue to rise.

Currently, the prices remain high, but the future direction of these prices for early 2025 is uncertain. However, market signs indicate that demand continues to outstrip supply, benefiting farmers.

Factory Quotes: Heifers and Steers

• Heifers: Quoted at €5.30-5.35/kg.
• Steers (Bullocks): Quoted at €5.25-5.30/kg.
• Some farmers may achieve €6.00/kg or more for R grade Angus heifers, factoring in bonuses.

With five weeks until Christmas, many processors have secured beef for peak orders, but demand remains strong.

Cows

The cow market is also on an upward trend:

• Average P1 cow price: €3.61/kg.
• Average U grade cow price: €5.18/kg.
• Recent cow quotes:
  • P grades: €4.65-4.70/kg.
  • O grade: €4.75-4.80/kg.
  • O+: €4.90/kg.
  • R grade: €5.00-5.10/kg.
  • U grade: €5.20/kg.

Higher prices are being reported across all cow grades.

Bulls

For bulls under 24 months:

• U grades: up to €5.60/kg.
• R grades: €5.50/kg.
• O grades: €5.30-5.40/kg.
• P grades: €5.20/kg.

Under 16-month bulls are quoted at €5.30/kg.

This summary captures the current state of beef prices and trends, highlighting opportunities for farmers and market responses as demand remains strong.