CONTINUED FALL IN WOOL PRICES

Press, Volume XCVII, Issue 28528, 6 March 1958, Page 12

CONTINUED FALL IN WOOL PRICES

Irregular Market At Timaru (From Out Own Reporter) TIMARU, March 5. Wool values continued their fall at the third and final Timaru auction of the 1957-58 season today. With fine wools conservatively estimated at up to 5 per cent, below most recent values and crossbreds down at least 2| per cent., prices were generally at their lowest point this season, and even at these levels the market did not show any marked stability. As the sale progressed, an increasing number of lots drew no bids, and this was particularly pronounced when buyers thinned out towards the end of the sale. In the morning it was evident that growers had not yet adjusted themselves to the new set of values, and passings probably accounted for 10 per cent, to 20 per cent, of the offerings. For most of the afternoon, however, there was a greater readiness to meet the market, and only when star lots were sold at the completion of the main sale was there again a procession of passings.

Growers had reason to be grateful for the presence of the New Zealand Wool Commission at today’s sale. It would have .been a much poorer affair for them had there been no commission. Quite apart from buying a substantial weight of wool—particularly inferior Merino and shabby finewool oddments—sometimes at prices as much as lOd ahead of opening bids, the commission’s competition on other lines induced buyers to increase their bids considerably. By comparison with the last Christchurch sale in February, when there was a modest improvement in the market, this was a very discouraging affair. Crossbred wool was back probably 4d or 5d per lb on Christchurch values, and with halfbred wool the decline would be even greater. Today a sizeable weight of crossbred wool changed hands, in the 38d to 44d range, with the best of the offering at 44d to 48|d apart from two sales at 52|d and 55|d. At Christchurch last month average to good style crossbred wool realised 43d to <9d. At Timaru a year ago crossbred sold to 76d, and the average to good class between 55d and 60d. Halfbred Sale In the halfbred section an increased proportion of wool sold in the 40d to 50d range, with a limited selection of good lots at 50d to 58d and a few extra good clips at up to 64d. At the recent Christchurch auction, the run of average to good halfbreds brought 54d to 60d, with the top lots selling at 71d. A year ago at Timaru average to good halfbred wool was making 66d to 74d, with the top price of the day at 86£d. The Merino market opened very Weakly indeed, with buyers showing little interest in inferior offerings. At this stage, passings were frequent and odd sales were made between 40d and 50d. There was, however, a brighter interlude when the sale reached some of the top-class Mackenzie Country clips. Notable among these was the offering of D. M. C. Burnett (Mt. Cook Station), who last year topped the market at the February sale at Timaru with two sales at 104Jd. The sale today of four bales of super Merino ewe hogget from Mt Cook at 73d raised the only real whistle of the day from the buying benches. Another lot of four bales of Merino two-tooth realised 70|d, and Mr Burnett had other sales at 64|d, 62d, 61fd, and 61£d. Lamb’s wool, of which there was a substantial offering, was cheaper, with a good part of the entry selling at 30d to 40d, with odd sales to 49|d. In Christchurch last month a fair weight of this class of wool made from 40d to 47d. Oddments Easier

In sympathy with the low prices paid for fleece wool oddments were also easier, particularly the shabbier sorts. A good weight of Merino necks sold from 45d to 51d; halfbred, 42d to 50d; and crossbred, 3.0 d to 40d. Merino pieces sold from 36d to 45d; halfbred from 30d to 44d; and crossbred from 29d to ?sd. Merino bellies made from 29d to 40d, and crossbred from 25d to 29d. Buying was fairly well spread with America giving some support on coarser wools. Some of the keenest competition of the day was on large binned entries of crossbred wool.

The offering totalled 34,304 bales and could be described as only of medium quality and a good deal below the standard set at the December sale. Very little of the wool was of super type and a large percentage was showing some degree of dust and discolouration. There was also more evidence of yolk stain, and a certain amount of cotted wool was included in the selection. Among the big offering of lamb’s wool were many attractive lines, but some otherwise good lots were spoilt by faulty sorting. There was a fair weight of Merino wool from the Mackenzie Country, but apart from a few outstanding lots most of the lines were of only average colour and condition. Apart from the Mt. Cook Merino wool, which topped the market, W. G. Elliott (Lake Pukaki) sold four bales from the same breed at 63d, and the New Zealand and Australian Land Company received 60d for four bales of fine-combing Merino wether from their Braemar clip. Sales at 59|d were made by J. Allan (Bendrose Station) for five bales, and by A. D. Dick (Lilybank) for 12 bales.

The halfbred section was topped at 64d by a five-bale binned entry of Wright, Stephenson, and Company Ltd. For another binned lot of two bales, the Canterbury Farmers’ Co-operative Association, Ltd., received 62d. Yet another binned lot from Pyne, Gould, Guinness, Ltd., realised 60d, and this price was followed by a fixbale lot from J. G. King (Asburton) at 59? d, and a five-bale entry from Murdoch Bros. (Ashburton) at 59d. Corriedale wool sold to 573 d for six bales from Tripp Bros. (Geraldine), and the next highest was 57d for eight bales from J Matheson and Sons (Hakataramea). Binned Lots to Fore Binned lots were again to the fore in the crossbred section, where Wright, Stephenson, >and

Company, Ltd. headed the list with six bales at 55$d. The New Zealand Loan and Mercantile Agency, Ltd., with eight bales, secured 52$d. A. J. McArthur (Pendarves) sold five bales at 48$d, which was also the price received for four bales by a client of Dalgety and Company, Ltd., For eight bales, E. W. Kerr (Cave) received 48d, and a four-bale binned lot offered by Pyne, Gould, Guinness, Ltd. made the same price.

Southdown cross wool sold to 60£d for an entry of eight bales from Dalgety and Company, Ltd., and the National Mortgage and Agency Company, Ltd. secured 60d for two bales.

The best price for lamb’s wool was 49Jd for nine bales offered in the catalogue of the Canterbury Farmers’ Co-operative Association, Ltd., followed by a sale at 49d by A. G. Jamieson (Taiko) with 11 bales at this price, and at 47d by R. T. Bartlett (Ashburton) with five bales.

Details of the catalogues offered in order of sale are:—

Bales Pyne, Gould, Guinness, Ltd. 8,421 Wright Stephenson and Co., Ltd. .. .. 2,608 National Mortgage and Agency Co. .. 7,777 N.Z. Loan and Mercantile

Agency Co., Ltd. .. 2,697 Canterbury Farmers’ Co-op Association Ltd. .. 6,938 Dalgety and Co., Ltd. .. 5,863 34,304