Prices fell again for a mainly crossbred offering at the Christchurch wool sale.
Asian buying continued to remain quiet with orders largely reserved for quick deliveries.
Farmers were again resisting selling at lower market levels at the sale last week and this resulted in growing volumes of unsold wool now at levels unseen for a generation in proportion to the New Zealand wool clip. With other wool stocks also in the pipeline, funding has tightened.
A limited offering of crossbred fleece from 31 to 34 microns, including hogget wools, was 1-2 per cent cheaper compared with the last Christchurch sale on April 6.
READ MORE: Crossbred wool prices ease further at Christchurch sale
Crossbred fleece 35 microns and stronger was back 4-6 per cent and crossbred second shear was down 3-4 per cent. Lambs’ wool was 5-8 per cent cheaper with the broader micron types most affected and crossbred oddments were down 5-9 per cent.
About 29 per cent of the 8450 bale offering was passed in after failing to reach reserve prices.
The dollar was up slightly at 70.1 cents against the United States currency from the last sale.
New Zealand Wool Services International chief executive John Dawson said fine crossbred fleece and second shear wool remained firm compared with the last North Island sale on April 12.
Coarse crossbred fleece was firm to in buyers’ favour with poorer styles increasing slightly, lambs’ fleece 30 microns and finer increased by 1-4 per cent with coarser types 1-2 per cent dearer and oddments were generally firm. However, comparisons between North and South Island types were difficult to make this season, he said.
The next Christchurch sale is on May 4.
Sales included: Crossbred – MG & KDC Gerard, Havelock, 16 bales, coopw 2shr, 38.4 microns, 86.0 yield, 327 cents greasy, 380 cents clean. Corriedale and halfbred – P A Purchas, Hawarden, 4, cor hog, 28.4, 69.3, 569, 821.