Meat report

Press, 23 March 1985, Page 26

Meat report

PA Wellington Although the retail demand for all meats in the United Kingdom showed a slight improvement this week, wholesale turnover was still poor, reports the New Zealand Meat Producers’ Board in its weekly market survey. Domestic beef rose by Ip a lb at wholesale this week. Live auction prices for light (20kg) hoggets were about 90p a lb and the first newseason lambs averaged 115 to 120 p a lb. The return of hard, wintry weather is expected to retard the growth and marketing of local spring lambs. The New Zealand lamb volume for this week was the same as for the previous week, although last Thursday’s price reduction is beginning to take effect and filter through to big users. Promotion before and after Easter will be conducted by a large number of outlets, and because of the present

price structure of domestic product, a major volume thrust is expected. On the Smithfield market this week New Zealand PL grade lambs were quoted at 67p to 68.5 p a lb (5NZ3.72 to $3.80 a kg). Imported manufacturing beef prices in the United States declined again this week with all cuts weakening. The weakness is attributed by traders to a traditionally slow pre-Easter period with buyers having made their purchases for this time. Other reasons include a lack of consumer demand for manufactured beef items such as hamburgers and hot dogs as well as concerns about the New Zealand and Australian exchange rates against the United States dollar.

Traders are unsure about whether the market has finished falling and are acting cautiously. As trading for the week has been minimal, quotes can be regarded as nominal New Zealand bull beef shed half a U.S. cent to USlO2c a lb cif (JNZ4.95 a kg) and cow beef fell 1c to US97c a lb cif (?NZ4.71 a kg).