Factory hogget prices have increased on average by over €10 per head in the last week. Quotes for Thursday have increased by 40c/kg to 55c/kg, or from €9.20 to €12.65 on a 23kg hogget carcase.

Base quotes for Thursday are now on €7.60/kg, plus the respective quality assurance bonuses.

This leaves individual producers with lower negotiating power trading at €7.80/kg, while those trading through producer groups or with greater negotiating power are securing returns of upwards of €7.90/kg to €8/kg.

Ramadan

There is intense competition in the market with supplies extremely tight and purchasing under way for the Islamic festival of Ramadan, which commences on 10 March.

The tightness in supply is reflected in last week’s sheep kill recorded at just over 44,500 head. This is over 6,800 head behind the corresponding week in 2023, despite prices running €1.50/kg to €1.70/kg higher.

This is the equivalent of €34 to €39 per head higher on a 23kg carcase.

Disparity

There is a big disparity in Northern Ireland between what factories are quoting and what they are actually paying.

Base quotes for Thursday are just £6.25/kg to £6.30/kg (€7.29/kg to €7.37/kg) but opening quotes are in the region of £6.40/kg (€7.47/kg).

Anywhere from £6.50/kg to £6.70/kg (€7.59/kg to €7.82/kg) is being paid to specialist finishers and those with greater negotiation power to compete with agents purchasing sheep for export for direct slaughter in southern plants.

Prices in Britain have moved upwards of £7/kg (€8.17/kg) with the trade for hoggets ranging on average from £7.10/kg to £7.20/kg (€8.29/kg to €8.40/kg).