Irish Lamb Prices Drop Amid Tight Supplies and Stable Demand
Lamb Prices and Supply Trends
Base quotes from major processors for well-finished lambs have fallen this week, ranging from €8.70/kg to €8.80/kg (+QA bonus). Processors and agents are maintaining a firm stance on carcass weight limits, operating off a 23kg carcass weight.
Relatively tight lamb supplies, combined with stable demand from domestic and export markets, have contributed to the firming of trade throughout 2024.
Eurostat figures indicate a contraction in breeding flock numbers in many regions of Europe and the UK. The Irish ewe flock contracted by 3.7% in the December 2023 census compared to December 2022 levels, contributing to the tightness in supplies.
Price Trends
The reported deadweight price for the week ending 8th March decreased by €0.03/kg to €8.78/kg, reflecting the second consecutive week of price drops from major lamb processors. In the corresponding week in 2024, the deadweight price was €7.90/kg.
The deadweight trade has slightly improved across UK regions, with reported lamb prices in mainland GB equivalent to €8.79/kg last week (+4c/kg). In Northern Ireland, there was a larger decrease to €8.06/kg (-30c/kg).
Southern Hemisphere prices remain well below European prices but have improved significantly over the last few weeks, narrowing the price differential with the EU. Prices this week are at €4.56/kg and €4.45/kg for Australia and New Zealand.
Throughput
There was a decrease in the total sheep kill in DAFM-approved plants last week to 47,602 head, compared to 61,248 in the same week in 2024.
Tighter supplies have been a feature of the 2024 lamb season, with a smaller lamb crop, difficult lambing, and changeable grass growing conditions impacting lamb availability for processing. Total year-to-date slaughter is down 22% on 2024, totalling 398,887 head.
