UK: Lamb prices rise sharply in spring

This is due to the fact that spring lambs this year appear on the market more slowly than in the past (and on average over 5 years). By June 3, just under 186,000 new season lambs had passed through UK auction showcases since the start of the year, down 17% from the same period in 2022.  

The current trends in spring lamb supply likely reflect pressure from last season's adverse weather, variable grass growth and more expensive forage. Even though shipments for the new season are just beginning, it can be seen that these systemic factors will continue to influence slaughter volumes until the end of the year.

Old season lamb prices are still high. The weekly figures are falling as the supply runs out, but auction market data suggests that the supply is larger than it was at this point a year ago.

In terms of demand, the 12-week data shows that year-on-year declines in the amount of retail mutton sold have slowed. These figures were helped by a very positive Easter. With the end of Easter, the next key moment in demand for mutton will be Eid al-Adha (expected June 28). 

Meanwhile, the balance of imports and exports of mutton this year also supported domestic prices ( imports decreased, exports increased compared to last year). In terms of exports, the UK was in a very price-competitive position in the first quarter, but prices started to rise from March. However, the price gap between the UK and France has narrowed in recent weeks, which could limit EXPORT growth if this market dynamics continues. The tense supply situation on the continent is likely to remain a key factor for supplies from the UK.