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Rising lamb prices are being driven by substantial demand for the Muslim festival of Eid Al-Adha, which begins on 30 July, according to IFA sheep chair Sean Dennehy.
Dennehy said factories have increased their quoted prices and prices paid again this week to secure lambs and try and meet demand.
“Prices are ranging from €5.65/kg to €5.75/kg, with top prices of €5.80/kg paid. Farmers are also negotiating on weights up to 21.5kg,” he said.
Factories were unable to secure lambs at the lower quoted prices and are having to pay up to 35c/kg over quotes, according to the IFA sheep chair.
Demand
He said suppliers and groups have been contacted by factories looking to secure supplies right up to early August due to the festival demand.
“Also, the lower volume of New Zealand imports in the UK and across the EU has left the market short,” he said.
On the store trade, Dennehy indicated that good grass growth was driving farmer demand, with 35kg lambs making €85.
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