The downturn in the trade for lambs/hoggets since the turn of year has severely knocked confidence in the sector, with the latest price cuts being yet another blow.
Base quotes for lambs have fallen below €6.00/kg, with prices coming back since the turn of the year by as much as 30-50c/kg across many factories.
Base quotes at the start of this week are ranging from €5.80-6.00/kg, with procurement staff at some factories saying further cuts could be seen as the week progresses.
Since last Monday week alone (January 9), lamb prices have fallen by as much as 40c/kg.
Taking into account the latest prices and where they were at the start of 2023, which is only a little under two-and-a-half weeks ago, the price of a lamb up to a 22.5kg carcass weight is €11.25 worse off.
Taking the price of €6.30/kg, which was what was quoted at the start of 2023, and the the lowest quote on offer at the start of this week which is €5.80/kg, this is a difference of 50c/kg, which equates to a difference of €11.25/lamb on a 22.5kg carcass.
Where producers were moving lambs at prices the upper end of the market, prices have also come back since the start of 2023 by up to 50c/kg.