Market Prospects For Meat And Wool In U.K.

Press, Volume XCVIII, Issue 28958, 28 July 1959, Page 17

Market Prospects For Meat And Wool In U.K.

Lamb prices may have dropped too far, and a “growing confidence” in wool is suggested by recent trends, according to the London office of the Bank of New, Zealand. In its monthly market review, i the office says that the anticipation of large arrivals of New! Zealand and Home-killed lambs j in the autumn is chiefly respon-! sible for the recent price decline on the United Kingdom market. “Home-killed lambs have become more plentiful and are lower in price, but with a price margin of 8d this in itself has not affected the demand for imported lamb. In the meantime New Zealand prices have dropped 2d per lb for the reason given above. "The trade feels that improved consumption may indicate that the price has dropped too far. Top wholesale price for New Zealand • lamb is Is 7|d per lb. I “Frozen mutton continues in 'short supply, and is selling (readily, and frozen beef values ’remain high, with limited quantities arriving in the next month or two. Premium for Woo! Futures “Movements in the wool futures market in London suggest a growing confidence in steadily improving trade for some time to come,” says the review. “After an early period of uncertainty the wool futures market steadied and prices started to improve, and at present premiums are in evidence as far ahead as January, 1961. In crossbreds quotations for 1960 positions are showing a premium of a penny and more per lb. “The July auctions in London opened on a note of activity which reflected the improved position in consuming centres at Home and on the Continent. These sales are significant in that they provide the only test of cur-

rent values until the new season opens in Australia on August 24. New Zealand offered 21,000 bales, of which 7000 were in the grease, 3000 of scoureds, and 11.000 bales of slipes. Greasy wool improved by 2J to 5 per cent, during the sales, and slipes were 5 per cent, better at the close. “Greasy crossbred fleeces made from 52d to 56d in the 46 s to 50 s range, and lambs from 48d to 53d for firsts.”