Sheed's 151 stood out like a sore thumb in an otherwise unremarkable Green Island tally of 221.
Dion Lobb then took four wickets as Kaikorai was routed for just 59.
Carisbrook-Dunedin won a thriller at Tonga Park, beating Albion by just four runs, while University-Grange easily overhauled Taieri's total of 109 at Brooklands.
Pelichet Bay finally fielded a team after two consecutive defaults and performed with credit in a drawn game against North East Valley.
Green Island 221 beat Kaikorai 59 by 162 runs
Sheed has not been able to break back into a well-performing Otago team but he was invaluable to Green Island on Saturday.
Green Island won the toss and batted and was in early trouble, losing three batsmen in single figures.
Sheed kept his head at one end and received limited support as Kaikorai pace bowler David Webb (six for 82) picked up regular wickets.
Mark Joyce (23) and Lobb (14) stuck around briefly but otherwise the innings was entirely dominated by Sheed, who struck 151 off 185 balls before being bowled by Webb.
Kaikorai's reply was poor, with only Will Deerness (22 not out) passing 10.
Lobb, in his 200th game for Green Island, took four of the first six wickets to fall, while Scott Simpson - in his 100th game - had four catches behind the wickets.
Carisbrook-Dunedin 146 beat Albion 142 by four runs
The most important of Sean Eathorne's five wickets was the last to fall as Carisbrook-Dunedin won a thriller at Tonga Park.
Albion, chasing 147, needed just 19 to win with three wickets in hand and had Nick Cape (22) and Craig Souter (23) poised to push on and win.
But when Souter was bowled by Rhys Phillips and Paddy Cairns was caught by Eathorne off the bowling of Paul Hoffman, the equation became 16 runs with just one wicket in hand.
Jeremy Medlin (six not out) did his bit and Albion had reached 142 when Eathorne got Cape and his five-wicket bag.
Shaun Haig had earlier continued his run of form by smashing 52 at the top of an otherwise disappointing Albion top order.
Carisbrook-Dunedin was no great shakes with the bat, with Eathorne (28) and brother Nick (23) the only two of seven batsmen in double figures to pass 20.
Mark Craig (four for 47) and Cape (three for 17) did their bit with the ball for Albion, which probably felt in the box seat chasing such a low score.
North East Valley 218 for eight drew with Pelichet Bay 188 for eight
Pelichet Bay has only been the easybeat of the competition in recent weeks because it has not been able to field a team.
It finally found 11 players on Saturday and managed a creditable draw with North East Valley under one-day declaration rules.
North East Valley got off to a good start in its innings of 218 for eight, with opener Simon Badger crafting 65 and building regular, if relatively small, partnerships.
Pelichet Bay struck back through Daniel Ford, whose five for 54 came off 14 overs, and Valley was teetering at 148 for seven.
That brought Cain Hammond to the crease and he started swinging straight away.
Within a few overs, he had a half-century and when he was gone, for 57, he had hit five fours and three sixes and helped his team add 70 for the last 10 overs.
Fringe Otago batsman Leighton Morgan scored 46 at the top of the Pelichet Bay order and Ford added 50 lower down, but Jamie Murley grabbed four wickets and looked set to lead Valley to an outright win.
Pelichet Bay's tail held out, however, and claimed the draw after surviving 50 overs.
Taieri 109 lost to University-Grange 112 for three
Anthony Bullick has been proving his ability as an all-rounder for a long time but only his bowling was needed to turn the result of the game at Brooklands.
Bullick took seven for 31 in a lethal 11-over spell as University-Grange ripped out Taieri for 109 inside 32 overs.
Anthony Harris provided lone resistance with a crafty 54 before he became one of Jason Hynes' three victims.
University-Grange marched confidently to the win, with Jesse Simpson unbeaten on 55 and Craig Smith on 26 when the target was reached.
