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Local factories have cut lamb quotes by 10-20p/kg this week, putting base prices on 650-660p/kg.
However, despite the drop in base quotes, reports indicate processors are struggling to secure sheep at the reduced prices.
Competition in the live ring remains robust, keeping a floor under the trade, and farmers are using this outlet to their advantage when negotiating for higher prices.
Good-quality lambs regularly made £140 at mart sales held earlier this week, and to keep pace, local plants offered deals of 665- 670p/kg.
Price comparison
Prices in the Republic of Ireland are generally steady, with lambs moving around €8.10/kg, which converts to a sterling equivalent in the region of 660p/kg.
In Britain, the lamb trade is extremely buoyant, with 680p/kg commonly paid and reports of 700p/kg available at the top end of the market.
Beef
Processors have also moved to cut quotes on prime cattle this week, bringing base prices for U-3 grading animals to 476p/kg, although several plants are officially on 470p/kg.
While there is pressure being exerted by processors in an effort to keep a grip on the trade, regular finishers indicate that 498-500p/kg is still being paid on in-spec steers and heifers.
However, young bulls are a much more challenging trade, with the best deals on offer around 488-490p/kg.
Quotes for cows are holding steady at 390p/kg for R3 animals with deals around 415p/kg freely available.
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