Smithfield market

Press, 11 August 1980, Page 22

Smithfield market

Warmer. weather in the : United Kingdom last week, I together with August’s traditionally lower demand and •an oversupply on wholesale meat markets saw a decline ,in values for most meats, : reports the New Zealand I Meat Producers’ Bc.-.rd in its i weekly market survey. English lamb prices fell at both live auctions and central markets, and New Zealand lamb prices v> r ere also affected by this trend. On Smithfield market PL grade was quoted at 59.061.0 p per lb,, and PM at 52.057.0 p per lb. Prices quoted for English lamb were: small, 54.0-60.8 p per lb; [medium 51.5-57.5 p per lb; (heavy 46.5-54.8 p per lb. The imported beef market, in the United States was strong and active last week — New Zealand cow beef averaging 126 United States cents per 'b c.i.f., an increase of 1.5 c.

According to the United States Department of Agriculture figures, the expansion phase of a new cattle cycle has begun. Most people were surprised by the 4 per cent inventory increase at July 1 compared with a year ago, giving a total figure for cattle and calves of 12322 million head.

There was some movement on the Japanese mutton market last week. Because of the sale of about 1500 tonnes of carcase mutton, exporters have now committed practically all their mutton stocks for the season. The latest sales included about 1000 tonnes for boning in Korea and the balance for Hokkaido. Japan prices were reported at about 64 United States cents per lb, c. and f. Japan for MM grade, 66 United States cents for MLI and MX grades, and 41.5 United States cents for MF.