Keeping up to date with all of the latest lamb market information is crucial. Here we have all the latest analysis and insight from our industry experts to help guide you through market movements and provide a clear, impartial view on what it all means.
There is currently some additional demand for lamb due to the Islamic festival of Eid-al-Adha. As part of the festival every Muslim follows in the footsteps of the Prophet Abraham and has an animal slaughtered as an offering to God.
During April UK exports of fresh and frozen primary sheep meat totalled just over 6,100 tonnes, down 2,300 tonnes year-on-year. UK export volumes were expected to contract due to the on-going COVID-19 situation both here, and on the continent.
This article focuses on the main factors that will influence the red meat sector in the coming years, particularly in light of the two major events of 2020, the coronavirus outbreak, and the upcoming deadline for Brexit.
Earlier this week the UK government announced the new Most Favoured Nation (MFN) tariff regime which will apply to all imports from countries who do not have a trade deal with the UK. For beef and lamb, the tariffs broadly mirror the level of the EU’s current Common External Tariffs.
In December AHDB released its forecasts for cattle and sheep production. Since then the market has changed dramatically with much of Europe now in ‘lockdown’ due to coronavirus. Sheep prices have come under pressure with a lack of demand both domestically and in Europe, and the cattle industry is struggling with carcase balance.
For the past two years, UK imports of lamb from New Zealand have tracked below historic normal levels while at the same time the global supply and demand balance has tightened, and global prices have continued to trend significantly above the five year average as we enter 2019.