The Irish lamb trade is experiencing what can only be described as a hangover following the Muslim festival of Eid-al-Adha.
In the weeks leading up to the festival, throughputs at Department of Agriculture approved sheepmeat export plants swelled and prices, for the most part, held relatively stable.
Last week, in the final days leading up to Eid-al-Adha, factories moved to lower spring lambs by 10-20c/kg and most plants were offering base quotes of 470-490c/kg.
This week, with the demand created by the Muslim festival still fresh in mind, factories have moved to knock another 10-20c/kg of base prices; most plants are now offering 460-470c/kg to secure supplies.
What are factories offering?
Like last week, Kildare Chilling continues to lead the way with an all-in-price of 480c/kg (470c/kg base + 10c/kg QA).
The same processor was starting negotiations with farmers at 485c/kg + 5c/kg QA last week. Meanwhile, the two Irish Country Meats’ plants have opted to lower their all-in quote to 470c/kg (460c/kg +10c/kg QA) – 10c/kg lower than what was offered during the same time last week.
Despite the decline in spring lamb prices, ewe quotes remain largely unchanged from last week and most plants are offering 250-260c/kg for suitably-fleshed ewes.
Main markets
According to Bord Bia, the British sheep trade eased somewhat last week on the back of a rise in weekly throughputs. Throughput climbed by 18% in British plants last week when compared to the week earlier.
Moving to France, Bord Bia says the trade seen some rise on the back of stronger demand due to Eid-al-Adha.
However, there are ample supplies on the market to meet the higher demand. It is hoped that the reopening of schools and restaurants after the holiday season will help the trade.