Top wool advocate bales out
The conversion of productive farmland into trees has pretty much annihilated the wool industry.
The weighted indicator for the main trading currencies compared to the last sale on March 1 dropped by 1.86 %, underpinning prices for one of the season's largest single day offerings.
Ching advises Fine Crossbred Fleece and Shears ranged from firm to 5% dearer, supported by steady Chinese interest.
Coarse Crossbred Fleece was 1 to 3% stronger with Coarse Shears firm to 3% dearer. First Lambs were firm to 2% dearer, except some of the shorter types in the South Island which eased up to 1%. Oddments ranged from firm to 4% stronger.
Good competition was reported with China, Australasia and Middle East principal buyers, supported by Western Europe, United Kingdom and India.
The next sale on March 15 comprises about 7300 bales from the South Island.
