Cheap U.K. meat puts pressure on N.Z. lamb

Press, 18 February 1989, Page 28

Cheap U.K. meat puts pressure on N.Z. lamb

PA Wellington Demand for New Zealand lamb was limited in Britain this week because of continued pressure from cheap domestic lamb, the Meat Board reports. Forward sales, however, were expected to be good because of an anticipated three-week gap in shipping arrivals until early March. On Smithfield market, New Zealand new season PL grade carcases were quoted at 60p to 61p a pound (NZ376c to NZ3B6C a kg). Boxed primal cuts were still trading well, particularly legs which had gone up by Ip to 2p a pound. Carcase hook prices were virtually unchanged. Domestic lamb numbers had begun to decrease and good smalls (U/32 lbs) were bought at 55p a pound, ex-abattoir. Hook and auction prices were unchanged. The variable premium subsidy paid to farmers is expected to reduce next week and that should tighten domestic supplies

generally. Trade in other meats was mediocre. Beef prices dropped slightly, but pork rose by 3p a pound because of shortterm supply delays. Dutch veal was still relatively highly priced. In the United States, the imported manufacturing beef market appeared confused. A small volume of New Zealand beef was traded because of limited offering.

A sharp fall in the Australian dollar saw some Australian exporters lower prices.

Importers were also confused by what they saw as hype from Australia and New Zealand about the Japanese market. The net result from all this was little change in prices.

For 1989 arrivals of 95C1 bull beef prices were quoted at USI2IC a pound and 90CI cow beef at USl2Oc a pound (NZ43IC a kgf and NZ42BC a kg cif, respectively).