The worldwide shortage in cattle supply is becoming more apparent as beef kill numbers continue to drop. As the global population increases, demand for meat rises, making it increasingly important to address the declining numbers in livestock. This shortage is leading to higher prices for consumers, and a challenging economic climate for farmers and ranchers. In this article, we will explore the reasons behind the drop in cattle supply and its impact on the beef industry.
According to recent data from the Department of Agriculture, Food and the Marine (DAFM), the weekly supply of finished cattle in March did not exceed 32,000 head. As of the first 13 weeks of the year, the total number of cattle slaughtered at DAFM-approved factories amounted to over 425,500 head, excluding veal. This year’s supply of finished cattle is currently over 11,900 head lower than last year. Bord Bia predicted a decline of 50-60,000 head or 3-4% from last year’s levels. However, early projections indicate that supply will remain well below last year’s levels, with the supply-demand scenario favouring beef finishers for at least the second quarter of this year. While four-day kills at most factories during Weeks 14 and 15 will reduce pressure to secure supplies, the availability of finished cattle appears to be decreasing, as evidenced by a substantial drop of almost 5,700 head in last week’s supply compared to the equivalent week of 2022.
In conclusion, the recent drop in cattle supply due to the COVID-19 pandemic and lingering effects of drought has led to a significant impact on the beef industry. From increased beef prices to lower production rates, it is evident that the consequences of this shortage may be felt for some time. While the industry works to stabilize and recover from these challenges, consumers may need to adjust their expectations and choices when it comes to beef. As always, it is important to support local agriculture and consider alternatives while we navigate this unprecedented time.
