SMITHFIELD MARKET

Press, 20 November 1978, Page 18

SMITHFIELD MARKET

There was little change in j the trading pattern for meat in the United Kingdom last week, but there was a slight improvement for the prices attained for beef, the Meat Board reports. The French market remained closed to British lamb imports, and as a re.sult, domestic lambs were again in plentiful supply. New Zealand lamb was in I poor demand, both at [Smithfield and in the country, with reductions in value for most grades. Although the market finished on a gloomy note, beef prices are expected to continue to improve, and more of the home killed lamb coming forward is of heavier weight; this should start to put New Zealand lamb in a more favourable position with retailers. Prices for New Zealand lamb sold at Smithfield last WEEK were: Price Var’n P P per lb per lb PL .. .. 56.0-56.5 ■+l.oo t nominal)

IPM .. .. 55.0 —1.50 i nominal) |PH .. .. 53.0-54.0 n.c. (nominal) YL .. .. 48.0-51.0 -0.50 YM .. .. 56.0 —0.50 (nominal) Prices for nominal quantities of New Zealand lamb cuts were: Legs .. .. 80.0-82.0 n.c. Loins .. 72.0-74.0 n.<. Short fores .. 38.0-40.0 —l.OO MANUFACTURING BEI F The United States beef market was more active, and imported New Zealand cow beef prices averaged 105.5 U.S. cents per lb, c.i.f. up 4.5 cents on the previous week’s average. Factors which helped to give a lift to the market were a shortage of domestic processing beef, and a downward revision in official U.S. feedlot figures. MUTTON There was little interest shown by buyers in the Japanese mutton market. Offerings of New Zealand carcase mutton have been made, but no firm sales were reported.