Dearer Beef

Manawatu Times, Volume 63, Issue 44, 22 February 1938, Page 3

Dearer Beef

EFFECT OF EXPORT BUYING. HIGHEST PRICES SINCE 1930. AUCKLAND, Feb. 17. After advancing practically steadily during the past year, beef prices reached the highest level for about seven and a-half years at the Westfield fat stock sales yesterday. Average values increased by 2s per 1001 b. all round and were, quoted to 42s per 1001 b., which has not been equalled in Auckland since September, 1930. Such a sudden rise came almost unexpectedly and Avas ijrecipitated by an unusually small supply of steers. Only 53 were marketed, ane agency offering none at all. The shortage was the direct result of recent operations iu the field by buyers from chilling firms obtaining supplies for the export trade. Heavy demands have been made in this direction and it is expected that it will be some time before the market will cease to feel the effects. Individual prices became extremely dear for cattle that were in many instances light in Aveight compared with tlipse receiving similar bids at recent sales. At times the bidding was over £1 a head higher than last Aveek, and the general increase was around Iss. Butchers were compelled to fill their requirements from an average supply of cows and heifers that came into the market and prices in this section also advanced sharply. At the corresponding sale of last year, beef averaged 34s per 1001 b. This level gradually receded to 30 early in June, after which it began to recover On August 12 there Avas a very decided firming of prices to 38s per 1001 b., and Avithin a period of six Avecks the increase was 10s, values being quoted to 41s on August 25. This xato ruled until November 17, after which prices eased iu three weeks to 395. A rise to 40s was recorded at the Chr.stmas sale, but at the first sale this year values dropped to 38s. Tho next week they recovered the decline and were maintained at 40s until yesterday. When beef was lealising to 42s per 1001 b. in 1930, steers sold to £22 a head and cows to £l4 10s. Yesterday’s bidding reached £ls 5s for primest ox and £l2 2s 6d for cows, and many lines sold at prices above expectations. A year ago steers were making £33 and cows £ll.