Confidence in lamb prices

Press, 14 March 1977, Page 9

Confidence in lamb prices

PA Whangarei A clearer picture of British lamb prices would probably emerge within the next month, said Mr Charles Hilgendorf, chairman of the Meat Board, in DargavillexMr Hilgendorf said the board’s intervention on the London lamb market had so far had the desired effect of keeping the price up, but the off-take was not as large as the board would like. The board had offered a price of 40.5 pence per lb — a price above the market, but still far below what had been offered when the market opened in February. Mr Hilgendorf said thac so far the board had not had to buy, and he hoped it would not have to.

“We intend to get out of

the market as soon as we •can,” he said. i “When the true market can show it can hold at or above 40.5 pence, we will go.”

He said there were some cheering aspects about beef, and he forecast that the price would continue to increase. The number of cattle in many countries was declining, particularly in North America, and there was no reason why beef should not recover and gain on the historicaliv low price now being offered. Mr Hilgendorf said the price would probably be subject to a “fair number” of dips in the general upward trend, and the increase might not be spectacular; but it was his guess that the price would be higher, perhaps considerably so, in a year.