Good year for sheep farmers predicted as demand boosts prices

STRONG global demand is bolstering prices for lamb and wool, promising a good year for Irish sheep farmers, according to IFA national sheep chairman James Murphy.

Mr Murphy said lamb prices are up about 11% on last year. He also described the wool and leather market as very strong. He said the value of the fifth quarter in Ireland was now worth the equivalent of 70c to 80c/kg on the price of lamb.

“Strong demand on both the domestic and export markets, combined with tight supplies and a significant increase in the value of the fifth quarter (hides and offal) are driving the trade,” said Mr Murphy. “The most recent retail data on lamb sales from the domestic market show volume sales up 1% and purchase frequency up 3% for the first quarter, compared with the same period last year. In the last year Irish shoppers have purchased €96 million of quality lamb. This points to a very strong and resilient domestic market for a top quality product.”