Market Report: Lamb prices continue to rise

Lamb prices have soared again over the past fortnight, rising by 11.1p/kg in the two weeks to 6 February, to 424.3p/kg for an R3L grade.

Average deadweight prices in January were 10% up on the month, at 420p/kg, according to the AHDB‘s latest UK Market Survey. “Prices remain historically high for this time of year, with the average price up 22% on last January.”

Meanwhile, UK export data in the 11 months to November 2009 showed that fresh and frozen sheep meat exports increased by 11% against the same period a year earlier. “During the last three months of the period the volume of exports increased by 20%, compared with 2008, as supplies tightened in the European markets.” Prices increased by 8%, boosting the overall value to exports in the year to the end of November by 20%, to £275.9m.

Imports rose by 2% from January to November against the same time a year earlier. “However, for the last three months of the period imports were 2% lower than in the previous year.” The weak pound increased the cost of imports, with the overall value of imports rising by 21%, to £353m.