Sheep factories have moved to pull lamb prices from reported quotes of €7.00-€7.30/kg earlier this week to €6.50-€6.70/kg.
That is according to IFA sheep chairman, Sean Dennehy, who said the current price-cutting by factories of lamb prices is “unnecessary and must stop”.
He highlighted that the current quoting factories are offering leaves Irish lamb “very competitive” in our key markets.
“The EID al-Adha festival, which runs from July 19th to July 23rd, will increase demand for lamb, and factories will be anxious to secure supplies to fill these orders over the coming weeks,” he said.
“Following this boost to the market, breeding sales and store buying will be starting and will add competition and help underpin the trade,” he said.
Dennehy said weekly spring lamb supplies remain below last year’s levels, with last week’s kill recording 6,500 fewer lambs than the corresponding week in 2020.
He described demand for cull ewes as “extremely strong”, with factories paying up to €3.60/kg.
The IFA sheep chairman said factories must stand firm in the marketplace and stop the unnecessary price cutting.
Concluding, he advises farmers to sell hard while moving lambs as they become fit.
He said that steers are making €4.15/kg to €4.25/kg and heifers are ranging from €4.20 to €4.30/kg.
Golden outlined that cows are starting at €3.40/kg for P grades. He reported flat prices for mixes of Os and Ps of €3.60/kg and noted that top-quality beef cows are pushing to €3.85/kg and “over in cases”.
Furthermore, young bulls are ranging from €4.15/kg to €4.30/kg.
He said demand is strong, and numbers are extremely tight as demand from the foodservice sector improves throughout the EU.
“Young bull prices have strengthened over the past week, reflecting the stronger EU market for beef. “