Stock Market Review

Sun (Auckland), Volume II, Issue 398, 5 July 1928, Page 12

Stock Market Review

OVERSEAS BUYERS OPERATING HEAVY YARDINGS AT WESTFIELD July 5, 9 a.m. A healthy tone continues to be registered in New Zealand fat stock circles, with an easing tendency in the Dominion checked by the operations of overseas buyers. Exporters have been operating with increased strength in Auckland provincial sales over the past week or so. Fairly heavy yardings in most sections came forw r ard at Westfield yesterday. The market, generally, in the sheep and cattle sections was somewhat erratic. No exceptionally heavy prime' cattle came forward in the ox beef section. The yarding included several pens of well done light to medium weight choice prime young steers. Entries from the North, generally, did not look their best, mostly showing evidence of being on the road a few days. In addition, they were not as well done as some of the best of the Waikato cattle. No worthwhile lines of Bay of Plenty cattle were forward. Overseas Buyers Operating Freely Overseas buyers came in with increased strength yesterday, bidding fairly freely on lines of light to medium weight cattle. But for this, it is quite on the cards that a considerable decline would have taken place in the market for, at times, bidding was left in the hands of three or four buyers. Competition improved toward the close of the ox beef section, however, and bidding was more widespread. Auctioneers quote a decline of Is to 35s for extra choice ox, and this, generally, can be taken as the trend of the market. Only exceptional lines made that 'figure,, however. Exporters were operating on rather good sorts of light-weight cattle up to about 32s a hundred. The entry of cow and heifer beef was a most mixed one, comprising only a very small percentage of really choice, well done beef cattle. The latter sorts sold practically on a pai’ with late rates, but the market for inferior finished, light prime cattle was rather slack and easier. Fat Sheep Market Easier The market for another heavy yarding of sheep opened practically on a par with late reduced and slightly erratic rates, but eased considerably toward the close to see several lines of extra choice prime sheep passed in at 4s to 5s below prices ruling at the high levels of a few weeks ago. While there was a fairly substantial percentage of medium to big-framed prime wethers forward, there was also a considerable percentage of the offering that could have done with more finish to qualify as really prime.

Exporters were operating in this section also with greater strength than has been the case for some time. An indication of the lower level of the market, and the light finish of some of the sheep, can he taken from the fact that graziers were noticed among the buvers for several pens. - A small line of light-weight wethers from tlie Hicks Bay district, not in the best of condition, made 33s 3d. Values for the usual yarding of rather mixed quality lambs were fairly well maintained at late rates. More Young Calves Forward A greater number of small and fresh dropped calves came forward in the veal pens. By the end of the month trade in this class of stock should be heavy. A slightly erratic demand was registered yesterday, prices tending to ease. One exceptionally heavy heifer made to £7 2s 6d. Pigs met with a. keen demand and values held firm at late rates. Weaker Demand for Store Sheep Down the coast in the Poverty Bay and Hawke’s Bay districts an easier tone is registered in the store sheep markets, values last week both at Matawhero and Stortford Lodge registering a decline. This, in fact, seems to be the tendency everywhere. Unless there is an unexpected upward movement in the overseas meat market it is hard to see that sheep will go much higher in the near future. There appear to be more sheep in the country than buyers were led to believe, and even now, despite the winter, if it were not for the operations of exporters, the market for mutton would tend to decline. Southern Markets Values for all classes of stock in the South continue firm. At Burnside yesterday, with the exception of store lambs, store cattle and pigs, all classes of stock sold at ad Vnced rates. Heavy prime ox beef sold on a basis of 40s a hundred; lighter, 42s 6d; heifers, to 37s 6d, and cows and light heifers, 25s to 30s. Heavy prime wethers made to 475, or on a basis of 6d a lb; choice prime lighter wethers, 7d; heavy ewes, light, sd; old, 4d. Lambs made up to 50s for a special prime lot, the market, generally, for prime lambs being up to Is a lb. Both porkers and baconers made around s§d a lb. At Addington yesterday entries in the main fat stock sections were much smaller. The market for fat cattle as a result showed an advance. Extra heavy prime wethers sold up to 50s Id; extra prime ewes to 43s lOd. Extra choice prime ox beef was quoted up to 435; best heifer, to 41s; best cow, to 38s. Baconers averaged 6d to 7d; porkers, 6ld to 7id. Prices at Westfield Prices at Westfield yesterday ranged as follow: Cattle.—Extra heavy prime steers ranged from £l4 15s to £ls 10s; heavy prime steers made £l3 15s to £l4 12s 6d; lighter prime, £l2 10s to £l3 12s 6d; light prime, £lO 10s to £l2 7s 6d; small and unfinished, £6 5s to £lO 7s 6d; extra heavy prime young cows and Heifers, £lO 10s to £ll 10s; heavy prime cows and heifers, £8 10s to £lO ss: lighter prime, £7 to £8 7s 6d: other killable cows, £4 15s to £6 17s 6d. Sheep.—Extra heavy prime wethers made £2 0s 6d to £2 2s; heavy prime, £1 18s 6d to £2 0s 3d; medium to heavy prime, £1 17s to £1 18s 3d; light to medium prime, £ 1 5s to £1 16s 9d; unfinished, £1 13s to £1 14s 9d; small store wethers, £1 5s to £1 9s 6d; extra heavy prime young ewes, £1 14s to £1 16s, the latter price for ewes from Mr. F. Vosper; heavy prime ewes, £1 11s 6d to £1 13s 9d; lighter prime, £1 9s to £1 11s 3d; other killable ewes, £1 7s to £1 8s 9d; other ewes, 12s to £1 ss. Lambs.—Extra heavy prime lambs made £1 11s to £1 12s 6d; heavy prime lambs, £1 9s to £1 10s 9d; lighter prime, £1 7s to £1 Ss 9d; light prime, £1 5s to £1 6s 9d; small and plain, 16s to £1 4s 9d. Calves.—Runners made £3 15s to £7 2s 6d for an extra heavy choice heifer; heavy vealers, £3 8s to £4 12s; medium, £3 to £3 ss; light, £1 15s to £2 15s: rough and plain, 10s to £1 ss; small and fresh dropped, 3s to £1 10s.

Pigs.—Extra heavy prime baconers made up to £4 18s; heavy prime baconers, £4 9s to £4 13s; medium, £3 15s to £4 2s; light, £3 6s to £3 11s; heavy porkers, £2 15s to £3; medium, £2 9s to £2 13s; light, £1 ISs to £2 ss; small and unfinished, £1 6s to £1 16s. Store pigs were also in request. Good conditioned made up to £1 12s; smaller, £1 5s to £1 Ss; slips, 15s to £1; weaners, 10s to 16s, according to quality. LONDON TALLOW MARKET Dalgety and Company, Limited report receipt of the following cable from their London house dated July 4:—“Tallow: 44S casks of tallow offered and 75 per cent. sold. Prices are 9d higher. Mutton fine, unchanged.” LONDON RETAIL MEAT PRICES The 1 ' New Zealand Meat Producers’ Board has been advised by its London manager, that the following retail pi-ices were being quoted for New Zealand lamb and mutton retailed in London on June 29: Lamb.—Legs, 15d a lb; shoulders, 14d; loins, 14d; necks, Sd; breasts, 6d. Mutton (Wether). —Legs, lid a lb: shoulders, lOd; loina, 10d; aecka, 7Jd; breasts, 3*4.