Beef slumps on U.S. market
NZPA Washington Prices for New Zealand beef on the American market have slumped 25c per lb in the last two months. The decline is blamed by market sources on a/humber of factors, not all of them related. These include a wet early summer, leading to lower consumption of fast foods outdoors; gasoline shortages which have cut recreational driving; heavy imports from New Zealand and Australia; interest charges on heavy capital outlays to buy meat in quantity; and end users’ buying patterns. The price for New Zealand beef per lb c.i.f. at New York was a record 143 c on April 19. But by May 10 it had fallen to 137.5 c.
The next week the price dropped 10c. 'There was a slight recovery to 130 c on May 24 but then prices resumed their downward trend: 128 c on May 31 and 118 c on June 7. The Meat Board’s North American director (Mr B. Jeffries) says that in spite of the lower prices he sees some signs of strengthening in the market.
“We hope the market will firm up and start rising again soon,” he said.
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Press, 13 June 1979, Page 2
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192Beef slumps on U.S. market Press, 13 June 1979, Page 2
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