It is possible that the Welsh beef sector could be facing a period of stability and even growth in prices according to Meat Promotion Wales (HCC). In their monthly market bulletin, HCC say that forecasts show that more stability in the market is likely after the number of calves being born corresponded with other statistics showing supply tightening from 2024 on.
Between January and July of this year, the number of calves being born dropped 2% compared to the same period in 2022 according to the British Cattle Movement Service (BCMS). Glesni Phillips from HCC said:
‘It’s a different trend to what we have seen to date in 2023; BCMS figures relating to the numbers of prime cattle on the ground currently suggest supply will remain plentiful during the remainder of this year- but it might well be tight from the end of next year.’
‘All in all, it would suggest that in late 2024 supply will reduce, and that should give the sector some optimism moving forward.’
This will have an effect on cattle stock and therefore lead to an increase in the price of beef, according to HCC. To learn more about the figures, and to see the full market bulletin from HCC, follow this link to their website where you can also find all previous issues of the bulletin.