The sheep trade is starting the week on a bright note, with lamb prices on the rise, a welcome relief having seen prices fall considerably over the past few weeks.
Factories are holding tight on base prices, with no change on last week. However, reports indicate positive upward movement in the trade.
This upward movement is stemming from increased demand ahead of the Eid al-Adha festival this coming weekend.
Base prices for lambs are holding at the €7.30-7.40/kg mark, with quality assured lamb trading from €7.40-7.50/kg.
Despite no movement in base quotes for lambs, reports are indicating prices to be stronger by 10c/kg coming into this week at the higher end of the market.
At the top end of the market, prices for lamb are at €7.60-7.70/kg and even 5-10c/kg above this level in cases.
The ewe trade is remaining solid, with base prices from €3.80-4.00/kg. Deals at the top end of the market continue to hit as high as €4.30/kg.
‘Going in the right direction’
Sean McNamara, the sheep chair of the Irish Cattle and Sheep Farmers’ Association (ICSA), said that lamb prices are going in the right direction, after taking a big hit in the last few weeks.
Speaking to Agriland, Sean said: “Factories are slow to increase base prices but are paying more at the higher end of the market.
“Lamb prices have moved up 10c/kg at the start of this week, with up to €7.70-7.80/kg now being secured for lambs.
“Factories are hungry for lambs and rightfully, prices are going in the right direction once again.”