Search our website enhanced by Google.
Lamb market monthly update: January 2024
Friday, 23 February 2024
Prices
The deadweight OSL SQQ measure started the year off strong. Prices in the first week of January started at 615.6p/kg for the week ending 6 Jan, before falling by around 10p in the second week. Prices rebounded slightly in the third week before ending the month with growth of 24p to 631.8p. Our agri-market outlook for 2024 forecasts a smaller carry-over into the 2024 season, providing strength to prices in times of tighter supply.
Inputs
Fuel prices fell again in January, despite continued conflict in the Middle East, which threatens crude oil prices. Fertiliser prices similarly fell in January, continuing a slight decline. However, fertiliser prices remain historically elevated following the continued Russia-Ukraine war and European energy crisis. Wheat prices are pressured from weak demand and falling export prices in Russia.
Production
January saw a fall in both throughputs and tonnage of sheep meat on December’s levels (which saw extra demand from Christmas) but they remain elevated from 2023. The UK produced 23,200 tonnes of sheep meat in January, a fall of 10% from December. Clean sheep slaughter totalled 984,000 head for January, a decline of 14% from December. There was an extra working day in January 2024 compared with January 2023, which may explain some of the annual increases recorded in monthly sheep production.
Trade
Exports of sheep meat in December grew to nearly 10,000 tonnes, with an annual change of +27% and a monthly increase of 20%.
Imports of sheep meat totalled 3,200 tonnes for December, a fall of 25% from November, but growth of 33% compared with 2022. We continue to monitor the levels of imports from Australia and New Zealand as the new quota years are in effect from January.
Sign up for regular updates
You can subscribe to receive Beef and Lamb market news straight to your inbox. Simply fill in your contact details on our online form.
While AHDB seeks to ensure that the information contained on this webpage is accurate at the time of publication, no warranty is given in respect of the information and data provided. You are responsible for how you use the information. To the maximum extent permitted by law, AHDB accepts no liability for loss, damage or injury howsoever caused or suffered (including that caused by negligence) directly or indirectly in relation to the information or data provided in this publication.
All intellectual property rights in the information and data on this webpage belong to or are licensed by AHDB. You are authorised to use such information for your internal business purposes only and you must not provide this information to any other third parties, including further publication of the information, or for commercial gain in any way whatsoever without the prior written permission of AHDB for each third party disclosure, publication or commercial arrangement. For more information, please see our Terms of Use and Privacy Notice or contact the Director of Corporate Affairs at info@ahdb.org.uk © Agriculture and Horticulture Development Board. All rights reserved.