EU lamb prices exhibited a bearish trend in February and early March 2021 due to weak demand from the foodservice sector amid lockdown measures imposed across the EU during the second wave of coronavirus. Nevertheless, prices have been rising since mid-March amid less on-farm slaughtering in Ireland and an increase in demand before Easter. Consequently, the average price of EU lamb (Feb ‘21-Apr ‘21) reached EUR 5,870/MT, down 2% against the previous average price (Nov ‘20-Jan ‘21).
Meanwhile, the average price of New Zealand lamb in the Feb ‘21-Apr ‘21 quarter reached NZD 6,513/MT, down 5% compared to the previous average (Nov ‘20-Jan ‘21). A seasonal increase in the slaughter rate and supplies between September and March pushed the New Zealand lamb price downwards. Nevertheless, the lamb crop in 2020/21 MY (Oct ‘20-Sep ‘21 ) is estimated to reach 22.8 million heads, down 1.3% y-o-y.
From economical to political, all the factors impacting the lamb market have been analysed to provide a market outlook for the next three months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions. Please visit our Mintec Analytics platform to find out more.