Top wool advocate bales out
The conversion of productive farmland into trees has pretty much annihilated the wool industry.
New Zealand Wool Services International Ltd's chief executive John Dawson reports that of the 5,800 bales on offer 61% sold, reflecting the general slow-down in new orders coming forward and exporters only buying for immediate requirements.
The continuing strengthening of the New Zealand dollar saw the weighted currency indicator lift 1.87% week on week, limiting market opportunities.
Dawson advises that compared to the South Island sale on June 30, Mid Micron Fleece were 1 to 2.5% cheaper with Fine Crossbred Fleece down 3.5%.
Compared to the North Island sale on July 7, Longer Finer Crossbred Shears were 2 to 4% dearer with shorter shears firm to 1% cheaper.
Coarse Crossbred Full Fleece, good and average styles were 1 to 1.5% easier with poor styles 3 to 5% dearer.
Coarse Second Shears 2 to 4 inches to 3 to 5 inches were 2 to 5% firmer with shorter types firm.
Long Oddments remained firm with good colour short oddments 2 to 4% dearer.
Limited activity with Australasia and Middle East principals, supported by Western Europe, China and India.
Next sale on July 21 comprises about 6,000 bales from the North Island.
