Meat demand slow in U.K.

Press, 18 March 1985, Page 34

Meat demand slow in U.K.

PA Wellington There was no improvement in demand at either wholesale or retail trade for any meats in the United Kingdom last week, reports the New Zealand Meat Producers’ Board in its weekly market survey. Domestic beef prices declined by Ip a lb with domestic lambs advancing by as much as 12p a lb and pork easing by about 1.5 p a lb. New Zealand lamb sales for last week maintained its level, but is running at a lower rate compared with the same time last year. The reduced volume is in line with the rest of the meat trade although New Zealand lamb prices are about 10 per cent higher than at the same time last year. Premium payments for domestic lambs will be at their highest today and March 25. Already there has been a token presence of new season domestic lambs in the market at 120 p a lb, signalling a 12month marketing period for local product. On the Smithfield market last week New Zealand PL grade lambs were quoted at

70p to 71.5 p a lb (new season) and 67.5 p to 69p a lb (old season), $NZ3.73 to $3.81 a kg and JNZ3.6O to $3.68 a kg respectively. The United States imported beef market has taken another turn for the worse this week with prices down on all items between USlc to 2c a lb, and some traders calling New Zealand cow beef down as low as US97c a lb cif (5NZ4.74 a kg). The lack of demand is the main factor affecting the trade, but New Zealand and Australian exporters are still resisting aggressive bidding pressure from importers. With prices for domestic canner and cutter cows holding reasonably firm, suspicions are mounting about profit-takers quitting cheap product purchased forward earlier in the year, while at the same time looking to create a buyers’ market as supplies from Australia start to build up. . In a very indeterminate market New Zealand cow beef averaged US9Bc a lb cif ($NZ4.79 a kg), and bull beef averaged U 5102.5 a lb cif (SNZS.OI a kg).