Lamb prices slump despite rise in consumption

Deadweight lamb prices have slumped by 22.2p/kg over the past two weeks, to a new season R3L average of 409.2p/kg – 17p below the same time last year.


Liveweight prices dropped by 13.6p in the week to 3 July, before recovering by 2p this week, to a GB SQQ average of 186.8p/kg. In the first six months of the year, lamb throughputs at auction markets dropped by 2%, due to a steep fall in new season supplies.


Although old season lamb numbers increased slightly compared to the previous year, new season lamb sales fell by 11%, putting overall throughputs at 2.76m head. “While the new season seemed to start earlier, severe disruptions in recent weeks contributed to the tighter supply,” said a report by AHDB Meat Services.


In contrast, lamb consumption jumped by 9% in the 12 weeks to 10 June, due to strong sales of leg and shoulder joints over the Easter period, rising by 41% and 13%, respectively. However, continued price promotion was behind the sales rise, said Kantar WorldPanel. Household expenditure on lamb grew by 7%, to £157m, but 39% was sold on promotion compared to 26% during the same period last year.


Market report

Upcoming Webinar

AUGUST
19

How to best plan your farming retirement and pension

With BPS being phased out and new schemes being put in place in the next few years, it’s an important time for farmers to start planning retirement and the best way to secure their pensions. Whether you are considering a succession process or would like to retire from the industry outright, our panel of experts will go through all the options you need to consider no matter what your life plan looks like. Join the session at 17.00 - 18:15 on Thursday 19 August 2021.
Register
See more