Lamb prices show recovery from seasonal dip

Liveweight

Average GB liveweight prices recovered in November following the seasonal declines seen over the past three months. Prices increased steadily through the month, as is typical as we approach the holiday season. Prices for NSL SQQ in November (w/e 5 Nov – 3 Dec) averaged 242.68p/kg, 6.5% (14.7p) up on October prices. Despite the upwards move, the average price across the month remained 25.7p (9.6%) lower than in November last year.

Total throughputs of lamb at market were estimated at 113,000 per week through November, 5% more on average per week than in October. This has been put down to a higher number of producers sending forward fattened lambs ready for Christmas meat demands.

For the 5-week period (w/e 5 Nov – 3 Dec), throughputs were 6.4% lower than a year earlier, in line with the general reduction in throughputs we’ve seen this year.  Year to date, throughputs for both new and old season lamb have totalled 5.15 million head, up by 1.6% on 2021.

Cull ewe prices also trended up through November, peaking at an average of £82.50 in the week ending 3 December. The average price paid for the 5-week period was £77.20, up £9.80 (14.5%) on the October average of £67.40.

Throughputs of cull ewes were estimated at 43,300 per week through November. This is 14.9% (7,600 head) down on the weekly average for October, which may have been supporting the higher prices.

Whilst favourable weather this autumn created a flush of grass and helping to combat some of the inflationary pressure put on farmers inputs, this may have had less to do with the reduced market throughput each week than the historic seasonality of cull ewe markets (peaking in October and easing towards Christmas).

Deadweight

GB deadweight NSL SQQ prices also saw an uplift in November following a period of relative stability in prices over the past three months. Prices averaged 541p/kg for the five-week period, 19.3p (3.7%) up compared with October’s average. Prices fell below year earlier levels in October, and remained back on 2021 throughout the month.  However, the monthly average remained almost 20% up on the 5-year average.

Average weekly slaughter numbers were estimated at 245,700 head per week for the 5-week period (w/e 5 Nov – 3 Dec). This was 2% back on the weekly average slaughter numbers for October.

In the year to date, slaughter numbers were up 2% on the same period last year, with 10.6 million head processed.

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