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 was unchanged having minimal impact.
Dawson advises with nearly 50% of the offering comprising long pre lamb shorn fleece and coarse shears at a time when the Western European markets are on annual vacation and others are reticent to buy, this week's lower levels come as little surprise.
Compared to the last time sold in the South Island sale on June 28, the mid micron fleece finer than 28 microns resisted the trend, remaining firm to 4% dearer. A total 28.5 to 30.5 micron were firm to 1.5% cheaper.
Compared to the last sale on July 12, fine crossbred fleece and early shorn 33 to 35 micron were 3.5 to 5.5% softer.
Coarse crossbred fleece and early shorn wools were 5 to 8% weaker with limited competition. Coarse second shears 3/4 inches and shorter were generally firm to easier.
First lambs 30.5 micron and finer were firm to 1% cheaper with coarser types 1 to 4% cheaper.
Combing oddments were up to 5% weaker with clothing types firm to 3% easier.
Competition was restricted with targeted buying against immediate shipping requirements. No individual markets dominated this week's auction.
The next sale on July 26 comprises about 8300 bales from the North Island and 6700 bales from the South Island.
