This was a strong result considering the dollar movement between sales. The Fine Crossbred market indicator was back slightly while the Mid Micron indicator was steady on $8.80/kg.
Despite being a South Island only sale, there was a decent supply available for the time of year with nearly 15,000 bales on offer. This was the second largest offering so far this season. Buyer interest was solid with competition coming mainly from China, Australasian carpet mills, India and the United Kingdom. Over 80% of the offering was sold this week which was also the 2nd highest clearance rate this season behind last week.
The NZ dollar was up sharply against our main trading partners this week. The weighted currency indicator was up 2.5%. But this firming had a limited impact on prices relative to the supply and demand influences. In fact the coarse and fine crossbred indicators were up 4% and 2.3% respectively in US dollar terms.
The coarse crossbred wool section made up the majority of the offering this week – accounting for just over 40% of the sale. Coarse fleece prices were up just slightly, while the early shorn and 2nd shear wool firmed in price by 1%.
The fine crossbred wool section was the next largest – making up another 23% of the total offering. Prices in this section did ease with fine fleece 1% cheaper and fine crossbred 2nd shear up to 2.5% cheaper.
Prices for the mid-micron fleece wool on offer were firm to slighter dearer than the last South Island sale on 30 August. Merino fleece wool made up less than 5% of the offering and prices were mainly firm on the last sale.
Next week's sale has 11,200 bales rostered in the North Island only.
|
|
Market Briefs by iFarm.co.nz iFarm the leading source of agri-market prices, information and analysis for NZ farmers. Receive benchmark prices for the works, store and saleyard markets delivered direct to your inbox. Visit www.ifarm.co.nz or call 0508 873 283. |
