In the Northern hemisphere during summer, its typical for demand to ease for the roasting cuts such as lamb legs. The UK is also finding their domestic supplies are sufficient to meet current demand. It's hard to get a gauge on prices as there are few trades being made. In general UK CKT prices are around £1.60/lb, approximately 36% below last years prices and 5% less than the five year average. There have been bids from the UK more than 10% lower than recently traded levels, but NZ exporters are tending not to accept this lowered bids. Even though the UK market remains gloomy, there is a bit more light at the end of the tunnel for other markets. The EU market remains steady to firm, along with Asia and the US.
Lamb continues to be 'on special'
NZ is not the only country that has lamb on special in their supermarkets, but also in the UK. In the last 12 wks, 39% of retail lamb has been on promotion which compares to 27% the same period last year. This boosted purchases over the Easter period but was short lived with household lamb purchases in the last 4wks dropping 9.4% on last year. Consumption continues to dwindle in the UK as cheaper protein alternatives are preferred. The consumption of lamb legs has only dropped 2.6% in the past year. On the other hand, lamb chops and shoulder consumption has dropped 12.8% and 11.5% respectively.
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Market Brief by iFarm.co.nz iFarm the leading source of agri-market prices, information and analysis for NZ farmers. Receive benchmark prices for the works, store and saleyard markets delivered direct to your inbox. Visit www.ifarm.co.nz or call 0508 873 283. |
