SMITHFIELD MARKET

Press, 19 September 1977, Page 24

SMITHFIELD MARKET

The Smithfield market closed on a stronger note last week, and average prices for PL and PM grades were 2p per lb above those of the previous week, reports the London office of the New Zealand Meat Producers’ Board. Over all, the British market ended on a greater note of confidence; realisations for New Zealand lamb improved daily on Smithfield, with PL and PM grades up 2p, while PH and YL grades have shown smaller increases to average Ip per lb. Prices for home-killed lamb also increased as the! trade chased the lighter lambs. After the glut of arrivals in August it has become apparent to the trade that few lambs will be arriving over the rest of the season. Offtake of these heavy arrivals in August has been very good. Interest in ex-store lambs has shown a sharp increase, and inquiry has been strong at the upper end of Smithfield prices. Quotations for New Zealand lamb were:

Nominal quantities of New Zealand lamb cuts in cartons sold at the following prices: Legs .. 64.0-66.0 -1.00 Long loins .. 48.0-51.0 +l.OO Short fores 33.0-35.0 n.c. MANUFACTURING BEEF There was a small but encouraging lift in imported beef prices on the United States market last week, with New Zealand boneless cow beef trading at 58.5 c per lb c.i.f., a rise of 1.5 c on previous prices. With domestic cow beef currently in short supply, United States processors are showing increasing interest in imported beef supplies. MUTTON The mutton market in Japan last week has again shown little movement, and no purchases of New Zealand mutton has been reported. Currently New Zealand has been making no quotations, except for indicating a small parcel of MM grade at 46 U.S. cents per lb; however a rising trend in prices has been reported.

Price Var’n P P per lb per lb PL .. 43.0-45.0 +1.50 P.M .. 30.5-44.0 -t 1.25 PH .. 36.5-38.0 -r0.75 YL .. 41.0-44.0 + 1.75