Beef prices remain at record levels and are continuing to rise on the back of increased demand on the home and export markets.

Latest figures show the GB All steer price up another 1.4p per deadweight kg on the week to level at 513.8p with the All heifer price gaining another 2.4p at 510.8p.

Scottish values are significantly better too with All steer and heifer averages of 526.9p and 526.4p while those hitting R4 ‘spec are cashing in at 529.6p for both steers and heifers.

MORE NEWS | Broombrae Simmental herd dispersal sells to 8000gns

MORE NEWS | Check-out our report of all the Scottish prime sales

Young bulls are not far behind with R3-graded cattle in Scotland selling at 515.8p. Backing up these prices is the increased demand which according to the latest 12-week GB retail data, for the week ending September 1, saw the spend on beef increase by 4.1% year-on-year, with volumes rising by 1.6%. Prices paid also rose by an average of 2.4% across all beef products.

Beef exports are also 10% above 2023 export volumes totalling 72,900 tonnes. In August, UK exports totalled 8300tonnes – up 3% year-on-year, but down 4% compared to July.

The EU remains the UK’s main destination for beef exports, accounting for 85% of volumes shipped in the year to date. Non-EU export destinations for UK beef have been a primary driver for trade in 2024. Hong Kong holds the greatest share with 4100 tonnes exported so far in 2024 – up 67% compared to the same period in 2023. Exports have also risen to Canada, the Philippines other smaller non-EU markets, increasing value returned to the domestic market.