High lamb prices in the EU encouraged farmers to slaughter lambs at lower carcass weights, leading to a decline in lamb production in the last three months (Aug ‘21-Oct ’21). Additionally, firm domestic demand led to the upward movement of EU lamb prices. The average price of EU lamb (Aug ‘21-Oct ‘21) reached EUR 6,496/MT, up 5% from the previous average (May ‘21-Jul ‘21). During the outlook period (Nov ’21-Jan ’22), demand for lamb cuts within the EU, such as shoulder and leg, is expected to strengthen with more roasting done in winter.
Meanwhile, the average price of New Zealand lamb in the Aug ‘21-Oct ‘21 quarter reached NZD 9,432/MT, up 18% compared to the previous average (May ‘21-Jul ‘21), driven by strong exports, particularly to China. A decline in production and an increase in demand from processors were other factors that contributed to New Zealand lamb price increases.
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.