SMITHFIELD MARKET

Press, 17 July 1978, Page 14

SMITHFIELD MARKET

Although over-all supplies of meat pitched last week on Smithfield were greater than the slow demand warranted, New Zealand prices remained at about previous levels, except for YL’s, which eased slightly. Other grades of New Zealand lamb met a steady demand, with some wholesalers cutting PM’s in place of PH’s — which continue to be in short supply. The short-term outlook is for steady values; however, increasing supplies of homekilled lamb at cheaper prices, the warmer summer weather, and improving supplies of New Zealand lamb could put some pressure on future prices. Quotations for New Zealand lamb were:—

Price Var’n P p ... per lb per lb PL .. .. 54.0-55.0 -1-0.25 PM .. .. 53.0-54.0 n.c. pfl .. 52.5-53.5 n.c. (nominal) YL .. 52.5-53.5 —l.OO Nominal quantities of New Zealand lamb cuts in cartons

sold at the following prices:— Legs .. 78.0-80.0 -1.00 Long loins .. 54.0-56.0 -2.00 Short fores .. 38.0-40.0 n.c. MANUFACTURING BEEF After rallying slightly earlier in the week, imported New Zealand boneless cowbeef suffered from the development of a confused market in the face of speculative buyers and sellers. The average price for New Zealand beef during the week was 84 U.S. cents per lb, c.i.f. End users have been able to buy spot meat as required, and price levels are fluctuating considerably, MUTTON Up to 1800 tonnes of New Zealand carcase mutton, mainly non-board stocks, have been sold at about 47.0 U.S. cents per lb. c. and f. Japan, for late August and early September shipment. New Zealand is quoting carcase mutton for October shipment at 48.0 cents per lb.