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Beef prices have been consistently reaching new highs each week, with both deadweight steers and heifers trading above £5/kg in late September. The tight beef supplies in Europe have been driving UK prices up as processors scramble to secure stock, and it is expected that demand will remain strong leading up to Christmas.

Not only are finished beef prices soaring, but prime cattle are also fetching high prices at auction markets. Livestock Auctioneers Association data shows that steers averaged 285p/kg liveweight and heifers at 298p/kg for the week ending 28 September.

Iain Macdonald, market intelligence manager at Quality Meat Scotland, noted that the increase in prime cattle prices is a result of processors competing for cattle as slaughter rates begin to rise. Additionally, red meat exports are providing support to the market and are projected to reach record levels in 2024, according to Jonathan Eckley, head of international trade development at AHDB.

Eckley highlighted the success of beef exports in the first half of 2024, with strong demand from key markets in northern Europe and increased shipments to non-EU markets like west Africa. This sentiment was echoed by Hybu Cig Cymru analyst Glesni Phillips, who reported double-digit growth in beef Export value and volume in the first half of the year.

Data from HMRC shows that nearly 56,000 tonnes of fresh and frozen beef, worth £265.6m, were exported in the first six months of 2024, marking an 11% increase in volume and a 9% increase in value compared to the previous year.

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