UK: Cattle prices end 2022 at historic highs

In the UK, slaughter cow prices increased weekly in December, with prices averaging higher than the previous month and remaining elevated at year-over-year and 5-year averages. Overall, cattle prices ended 2022 at an all-time high.

Historically high prices for feed ingredients and fuels continue to drive up the price of agricultural products. In January, prices for feed ingredients, namely soy FLOUR, and prices for supplied feed wheat generally decreased.

Meanwhile, UK animal feed production is at a 6-year low from July to November, with cattle feed production down 2% year on year and set to remain low this season. This is in line with expectations due to the ongoing reduction of dairy and suckling herds, which reduces the need for feed.

Beef production in the UK declined on a monthly basis in December due to a reduction in slaughter of cattle and cows in line with seasonal trends. However, overall UK beef production in 2022 is up from the previous year.  

Beef trade data for November showed that import volumes declined m/m and y/y due to reduced imports to Ireland, with year-to-date imports also down compared to the same period in 2021.

EXPORT volumes remained stable in November but declined compared to the same month in 2021 as lower exports to Asian markets outweighed increases in exports to the EU. Since the beginning of the year (January-November), export volumes have grown to the level of 2021, while the ratio of fresh and frozen beef has begun to return to the level of 2019.