Northern lamb prices up €10/head on last year due to weak Sterling
Lamb prices in Northern Ireland are currently running in the region of €10 ahead of last year, according to latest figures from the LMC in Northern Ireland (NI).
It says quotes from the major processors this week for R3 grade hoggets were in the region of 375p/kg (430c/kg)with plants paying up to 22kg.
This is a notable increase from the corresponding week in 2016 when the quotes from the plants were in the region of 340p/kg (390c/kg) up to 22kg.
Meanwhile, the price reported R3 grade lamb price in the week ending January 1, 2017 was 373.1p/kg (430c/kg), up from 334.1p/kg paid during the corresponding week in 2015/2016.
This increase by 39p/kg accounts for a £8.58 (€10) head increase in the value of a 22kg lamb year on year.
According to the LMC, much of this increase in deadweight lamb prices can be attributed to a weakening in the value of sterling against the euro.
It says in the week ending 01 January 2017 the R3 lamb price was the equivalent of €4.37/kg while in the week ending 02 January 2016 the R3 lamb price was the equivalent of €4.53/kg.
Therefore in euro terms NI lambs were actually worth 16c/kg less in the week ending 01 January 2017 than they were in the corresponding week last year.