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 currencies was up 2.09% and 73.5% of the offering sold.
Increased demand coupled with continued grower resistance to further declining prices saw price levels resist the strong New Zealand dollar.
Compared to the North Island sale on May 31, 2012 Coarse Crossbred Fleece and Early Shorn types 3 to 5 inch and longer were 5% dearer. Coarse Crossbred Second Shears 2 to 4 inch and 3 to 4 inch were 4 % dearer. First Lambs were 1% dearer. Crossbred Oddments were 2% dearer.
A good spread of buyers was active including China, India, Western Europe and Australasia with support from United Kingdom and Middle East.
Compared to the last South Island sale on the May 24 prices were generally firm to buyers favour.
The next sale on June 14, 2012 comprises approximately 12,500 bales of North Island wool.
