Lamb prices are once again on the receiving end of downward pressure, with factories once again easing base prices coming into the start of this week.
Factories cut prices for lambs last week by 30-40c/kg and at the start of this week, a further 20c/kg has been wiped off lamb quotes.
From the factories quoting, prices coming into the shorter week this week, in account of the bank holiday, are coming in at €6.30/kg – back from €6.50/kg late last week.
This is leaving quality assured lambs trading from €6.40-6.45/kg, with prices at the top end of the market ranging from €6.50-6.60/kg in general.
The latest cuts in lamb prices mean that in just over three weeks, lamb prices have fallen by €1.00kg, which in a 21kg carcass is a hit of €21 on a lamb.
It’s not just lambs that have been feeling the brunt of factory price cuts, with ewe prices also coming under pressure again this week.
Base prices for ewes last week were coming in at €3.50/kg, whereas now, at the start of this week, factories have moved to cut base prices for ewes by a further 20c/kg to now stand at €3.30/kg.
This is a fall of 70c/kg since the early part of July when base prices peaked at €4.00/kg.