Lamb prices are rising, with the significant Muslin festival of Eid Al Adha driving “substantial demand”.
That is according to IFA national sheep chairman, Sean Dennehy, who said factories have increased quoted prices and paid prices this week to secure lambs.
“Prices are ranging from €5.65/kg to €5.75/kg, with top prices of €5.80/kg paid. Farmers are also negotiating on weights up to 21.5kgs.”
He said factories are unable to secure lambs at the lower quoted prices and are having to pay 30c-35c/kg over quotes.
Ewes, he added, are making between €2.65- €2.80/kg.
Securing supplies to meet demand
Dennehy outlined that some factories are talking to suppliers and groups trying to pin down numbers and supplies right up to early August to be able to service the demand for Eid, which begins on July 30th.
“Also, the lower volume of New Zealand imports in the UK and across the EU has left the market short.”
He said the store trade is also robust in the marts with 35kg lambs making €85. “Good grass growth is driving farmer demand.”