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Lamb prices move upwards
Thursday, 16 April 2020
In a somewhat unusual move, lamb prices have strengthened since Easter. During the week ending 15 April, the GB liveweight OSL SQQ gained 3p, to 216.28p/kg. Prices are once again above previous year levels, although significantly lower than pre-lockdown levels. Throughputs for the week stood at 79,600 head, down 20,000 head week-on-week, remaining below typical levels at this time of year. In part, the lower throughputs reflect the reduced number of auctions held.
This week there is little new news for lamb prices. Unsurprisingly, demand over the coming weeks is likely to be dictated by coronavirus and lockdown restrictions. Some European countries are slowly beginning to lift lockdown restrictions. However, the largest two markets for UK sheep meat remain in lockdown. The UK government has announced the UK lockdown will continue, with parliament set to approve a further three weeks of restrictions. The French government has said its lockdown will continue until at least 11 May.
How economies perform after coronavirus will be vital to ongoing lamb demand levels. Many consumers are cautious over spending due to either being on a reduced income, or concerned about their finances in the near future. Retail demand for expensive cuts including lamb are suffering, with demand increasing for cheaper, versatile products, such as beef mince.
Having dropped over a £1/kg over the previous two weeks, last week deadweight lamb prices received a boost. In the week ended 11 April, the GB deadweight OSL SQQ gained almost 18p, to average 457.6p/kg. Estimated kill for the week remained at exceptionally low levels totalling only 183,000 head.
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