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Lamb market monthly update: October 2023
Thursday, 23 November 2023
Prices
The liveweight SQQ averaged 255p/kg in October, up by just under 4p since September. Liveweight SQQ prices ended the month as they started, averaging 252p/kg for the week ending 4 November, having peaked at 258p/kg in the second week. The deadweight SQQ averaged 564p/kg in October, up 14p since September, having gained momentum through the month.
The cull ewe price has eased again in October 2023 to average £73.20/head for the month.
Costs
Fertiliser costs remained below last year’s levels in October but have moved sideways in recent months, as prices remain historically high for this point in the season. This is partly due to increased natural gas prices as unrest in the Middle East continues. Similarly, fuel prices have risen for October but remain below high levels seen last year. As with fertiliser prices, ongoing tensions in the Middle East have driven up crude oil prices.
Production
UK sheep meat production for October 2023 totalled 25,200 tonnes. This growth has been driven by an increase in clean sheep slaughterings, which currently sits at 1.1m head for October.
Trade
Regarding trade movements, September sheep meat import volumes continued to rise, with imports from Australia growing, displacing some of New Zealand’s imports into the UK.
Export levels have also continued to rise totalling 6,900 tonnes.
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