Prime lamb auction prices make strong impression
After a firm start to the new season, prime lamb auction prices have made a strong impression at marts, averaging 436p/kg lwt in the second week of May, analysts say.
Meanwhile, hogg values continue to hold close to the highs reached at Easter and Ramadan, clearing at 370p/kg lwt, according to the latest market commentary from Quality Meat Scotland (QMS)
See also:
- Record-breaking lamb trade hits peak but stays above £8/kg
- Lamb prices soar as supply tightens and demand rises
- Lamb prices hit £7 a kg at abattoirs
For new season lambs, this represents a year-on-year increase of 26% and an uplift of 54% on the five-year average, while hoggs were valued 35% higher than last year.
Tight domestic supply has been one of the factors supporting farmgate prices. Last year’s GB lamb crop was around 6% lower than in 2022.
However, between June 2023 and February 2024, prime sheep slaughter at GB abattoirs had still risen marginally on a year earlier, highlighting an earlier marketing pattern.
Iain Macdonald, analyst for QMS said: “Given the 6% fall in the GB 2023 lamb crop and a 2.6% reduction in throughput between June 2023 and April 2024, it suggests that slaughter will have continued to decline on a year earlier in May.”
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