Lamb prices are continuing to rise, according to the IFA’s latest lamb price update.

It says factories are paying €5.50/kg with top prices of €5.60/kg being received by some farmers. The IFA says strong demand and the fall in the value of the euro against Sterling is a positive for Irish farmers.

According to Bord Bia, the sheep trade has continued its upward movement on the back of solid demand coupled with some tightening in supplies.

However, it does say that that trade was mixed across our key export markets.

Last week, Bord Bia says base quotes for lamb were making between €5.00/kg and €5.10/kg with selected lots achieving higher prices. Prices paid for culled ewes were continuing to make around €3.00-3.10/kg.

Supplies at sheep export meat plants for the week ending January 17 stood at around 41,000 head which was 2% lower than the corresponding week in 2014.

Cumulative supplies for the year to date are currently 2% ahead of year previous levels.

In Britain, says in Britian a robust trade was reported. The SQQ live price for new season lambs in England and Wales was making the equivalent of around €5.60/kg dw towards the end of the week.

In France, it says some slowdown in the trade was reported with small volumes available on the back of reduced demand.

The price for Grade 1 Irish lamb was making €5.62/kg (DW incl VAT) towards the end of the week, Bord Bia says. It also says promotions in France are on going on shoulders, chops and forequarter cuts.