SMITHFIELD MARKET

Press, 18 October 1976, Page 24

SMITHFIELD MARKET

Prices for New Zealand beef sold to the United States rose last week, owing to a strengthening of the whole American beef market, and President Ford’s announcement of beef import quotas. The strong advance in domestic beef prices followed months of general weakness; after large drops two weeks ago, prices bottomed out and advanced to regain the losses. Both prime and processing beef improved in the last seven days, in some cases up to 5c per lb. Apart from an improved total market, imported beef prices benefited from the weekend announcement by President Ford that quotas were to be introduced. Full details are still not known, but this decision to put an absolute limit on imports helped to move prices. New Zealand manufacturing grade cow beef closed the week at 62/63 cents per lb c.i.f. compared with 58/59 cents a week ago.

Prices for New Zealand lamb in England and Wales increased again last week to new record levels. Realisations for all grades improved by as much as Ip per lb, and this was achieved as a result of a firm demand for most meats.

Although the volume of New Zealand lamb sales in recent weeks has not been large, a substantial rise in beef and home killed lamb prices during the past two weeks has resulted in a greater inquiry for the product.

A greater quantity of New Zealand carton cuts were on offer last week, and sold at the following prices:— Legs .. 65.0-67.0 + 3.00 Long loins .. 51.0-52.0 +l.OO Short fores .. 31.0-33.0 +3.00

Price Var’n PL P P per lb per lb .. 45.5-46.0 +0.50 PM .. 44.0-44.5 +1.00 PH .. 41.5-42.5 +1.50 YL .. 45.0-46.0 +1.50 YM .. 44.0-44.5 +1.50 YH (Nominal) .. 41.5-42.5+1.50 * (Nominal)