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Strength in EU sheep prices
Wednesday, 17 November 2021
Prices in the UK for finished sheep have been high, and rising again recently. Throughputs at abattoirs are down 11% year on year, and market reports suggest the supply side is tight. Demand for store lambs here is reported to be strong, with finishers optimistic for high prices in Q1 2022.
UK exports of lamb suffered in the weeks immediately following Brexit but began to recover in February and March. However, high farmgate prices here, reduced the competitiveness of exported product on the EU market, and export volumes began to fall again during the summer.
More recently, deadweight sheep prices in France have begun to pick up again. Spain is an important supplier to France with exports higher in the year to date, perhaps filling the gap left by lower British volumes. We are now past the annual peak for this Spanish trade with France, which is in spring, and so volumes are now at a lower level. Farmgate prices in Spain have rallied, and this may be providing strength to France, and by extension to this side of the English Channel.
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