Eid supports lamb prices

Thursday, 30 July 2020

By Rebecca  Wright

During the week ending 29 July the GB liveweight NSL SQQ increased 7.3p week-on-week, to 224.36p/kg. Most days during the week recorded rises, however there were especially strong gains week-on-week on Monday and Tuesday, when prices averaged at around the 230p/kg mark. Throughputs for the week reflected the upcoming festival, totalling 155,000 head, up 12,800 head on-the-week.

In the week ending 25 July the GB deadweight NSL SQQ was relatively stable, falling just 1.8p to 478.1p/kg. Prices continue to trend high for the time of year. Estimated kill for the week totalled 245,500 head, the highest weekly kill so far this year. This is most likely reflective of both the time of year with kill seasonally increasing, but also of Eid-al Adha which is this weekend.  

With prices at these high levels the key question on many minds is where will they go next? Some reports have suggested August could bring a return to more normal trade. Export demand continues to be reported as strong, although it does appear supplies from New Zealand coming into Europe are on the increase. COVID-19 control measures around the world will have a large impact on the volume of New Zealand product in Europe during the autumn. This product will be one of the largest driving forces on domestic farmgate prices. Another likely important driving force will be consumer demand in the event of ‘lockdown’ measures returning either here or in France.

Rebecca Wright

Analyst - Red Meat

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