Wool Stays At Very Satisfactory Level

Press, Volume CVIII, Issue 31830, 7 November 1968, Page 16

Wool Stays At Very Satisfactory Level

Although there were slight variations in the market when the third Christchurch wool sale was held yesterday, the outstanding feature of the sale was the continuation of highly satisfactory prices to growers.

The comment was heard in the saleroom that if these prices continued indefinitely there would be nothing wrong with the wool market from the producers’ point of view.

The sale was in striking contrast to that of a year ago, when 91 per cent of the offering qualified for supplementary payments from the Wool Commission to bring growers’ returns to a meagre 25c per lb over-all average.

Yesterday, the commission was selling stockpiled wools at an appreciable gain oyer the initial buying-in price, disregarding devaluation, and at the same time growers’ present-season wool was meeting a ready market at very satisfactory values.

The offering of 2886 of Wool Commission stock wool, bought in August and October last year, met a strong sale. In contrast with recent offerings of the commission, this consisted almost entirely of fine wool, and these wools brought up to 10c and 11c per lb better than the price initially paid by the commission. But over the offering of a sizeable proportion of this wool the average advance over buying price could have been about 4c to 5c per lb. This, of course, does not take into account storage charges and devaluation. HIGHER AVERAGE Preliminary estimates indicate that the average price for the sale could be about 38c to 39c per lb, with the predominance

of fine wool in the offering. If the average is 38c per lb, this will represent an improvement of almost 70 per cent on last November’s low 22.6 c per lb average. A lot of fine wool was selling yesterday at prices up to 20c per lb above rates ruling a year ago. Compared with the most recent fine-wool sale at Timaru, Merino wool lost ground slightly, but it was difficult to make a comparision between the two sales, because the southern offering included a sizeable selection of highly regarded Mackenzie Country wools. A good deal of yesterday’s Merino offering came from Marlborough, and although these wools were officially quoted as easier, some vendors had remarkably good sales.

The Muller Station, for instance, had 78 bales selling between 60c and 65fc per lb, and there were altogether 28 sales of Merino wool at 60c or better.

Compared with last year’s November sale. Merino wool, on average was 19c to 20c per lb dearer.

Halfbred and Corriedale wools predominated in the offering and these were quoted as being in sellers’ favour, particularly for the medium and stronger descriptions. The medium and stronger wools looked to be 1c to 2c per lb in advance of rates ruling at Christchurch last month. The stronger wools showed a very marked appreciation on rates ruling a few months ago, when they were heavily discounted. In comparison with those sales, they were frequently up 10c per lb. All classes of halfbred and Corriedale wools were making prices from 17c to 19c in advance of November, 1967, rates.

A relatively small selection of crossbred wools was in keen demand at prices again in sellers’ favour, compared with the most recent Wanganui sale. These wools were also showing a 1c to 2c per lb advance on last month’s Christchurch sale, reflecting the upward movement in the crossbred market since then.

The crossbred wools were up by 15c to 16c on a year ago for finer qualities, by 13c to 14c for medium qualities, and by about 11c for the coarser wools.

One observer noted that among the big offering of halfbred and Corriedale hogget wools, the shorter wools were showing an increase of about 2c per lb, and that this was also reflected in the pieces and bellies from the same class of s>heep.

As was the case with Merino vendors, vendors of half-bred and Corrtedale woods bad some notable sales. J. B. Douglas Clifford, of Stonyhurst, Cheviot, for instance, had 62 bales of half-bred hogget fleece and skirtings which sold from 40jc to 56ic, with 42 bales bringing from 48ic to the top money. The main weight of Merino wool brought from 55c to 61c per lb, with top sales ranging to 66c for a single bade lot sold in the closing stages of the market.

Fine halfbred and Corrtedale wools of average to good standard ranged from 46c to 50c, medium wools from 44c to 48c and stronger qualities from 42c to 46c. Among the crossbreds, the finer qualities brought mainly from 38c to 40c, medium from 34c to 37c, and the coarser wools from 30c to 33c.

Taking into account the heavier condition, oddments also sold wedl, in line with recent values. Fine-wool necks brought from 38c to 49c, with Merino making to about 53jc, coarser necks from 38c to 44c: fine-wool pieces from 30c to 45c, with Merino to about 50c, and coarser pieces from 26c to 37c; fine-wool befllies from 30c to 38c, with Merino to about 46c, and coarser qualities from 20c to

29c; and fine-wool crutohlngs from 18c to 28c, with coarser qualities from 22c to 30c. The offering of 24,652 bales of present season’s wool was drawn mainly from North Canterbury and Marlborough, with some wools from Mid-Canterbury and a small quantity from the West Coast and Nelson.

Hogget wools predominated among the fine-wool selection, and some of the woolly hogget wools were described as being of a very high standard.

Main competition again came from Continental buyers, with Japan and local mills active on better style half-bred clips. A feature of the sale was also the increased activity of Bradford, particularly on hogget wools.

LEADING PRICES A single bale of Merino hogget wool from R. P. Steele (Waiau), topped the sale at 66c. Next best price of 65ic went to the Muller Station for 18 bales of Merino ewe wool. The station also had eight bales of hogget wool at 62c, 46 bales of ewe wool at 61c and another 6 bales of hogget wool at 60c a lb. For four bales, J. R. Todhunter and Sons (Rakaia Gorge) received 65c, and the same vendors also sold four bales at 64c, four at 62fc and four at 611 c. I. G. Hamilton (Blenheim), gained 63|c for six bales of hogget wool, and he also obtained 601 c for eight bales. For six bales, A. D. Cambridge (Blenheim), also received 62}c, and the same vendor sold another six bales at 62c and eight at 60c.

Halfbred wool brought to 58ic for four bales of hogget wool from the Olcuku Pass Partnership. The same money was paid for five bales of binned wool in the catalogue of the National Mortgage and Agency Company. The New Zealand Farmers' Co-operative Association also sold seven bales of binped wool at 57c and Dalgety and New Zealand Loan, Ltd, sold binned wool at 56jc for three bales. Sales at 56ic were made by Murchison Brothers (Lake Coleridge) for six bales of hogget wool, and J. B. Douglas-Clifford (Cheviot), for a similar lot of hogget wool. Mr Douglas Clifford also received 554 c for six. bales, and the same money was paid to O. P. Bayley (Kaituna), for five bales of hogget wool. W. Russell (Lees Valley) also sold six bales of two-tooth wool at 56c.

The best price for Corriedale wool was 564 c for five bales of ewe wool from H. M. A, McCormick (Ashburton), who also sold 12 bales of ewe wool for 55ic. Sales at 54ic were made by D. G. Chisnail (Hinds), with 18 bales, and F. B. Lloyd (Coldstream) with six bales of hogget wool. A. B. Chisnail (Ashburton) sold 15 bales of Corriedale wool at 54c.

Three - quarterbred wool brought to 444 c for four bales of binned wool In the catalogue of Pyne, Gould, Guinness Ltd. Amongst the best sales under growers’ brands were 12 bales of hogget wool from I. G. Murdoch (Ashburton) at 43ic and 21 bales of hogget wool from the Land and Survey Department (Motunau), which realised 43c. Owapunl Farm (Hawarden), sold 13 bales of extra fine crossbred at 464 c and another six bales of fine crossbred at 43c. The Wool Commission sold 13 bales of extra fine crossbred at

454 c and four bales at 43Jc. Sales at 434 c were made by L. D. and D. D. Davies (Cheviot) with five bales of hogget wool, and by R. W. Lovett (Ashburton), with seven bales of hogget wool. J. D. Caldwell (Cheviot) also received 434 c for six bales and 434 c for ten bales, and H. C. Deans (Coalgate) realised 434 c for four bales.

Second-shear crossbred wool sold to 364 c for tour bales in the catalogue of Dalgety and New Zealand Loan, Ltd. Among the best sales made by growers were 10 bales from S. and J. Kitchen (Westport), which.made 344 c, nine bales from F. J. Williams (West Coast) at 34c, 20 bales from T. P. Shand and Son (Blue Duck), six bales from H. van Beek (Reefton), and four bales from the Lands and Survey Department (West Coast), all at 33c. Second-sihear haMbred wool sold to 384 c for three bales oif binned wool offered by Pyne, Gould. Guinness Ltd.

Suothdown and Down cross wool brought to 49c for four bales at Down cross hogget In the catalogue of the New Zealand Farmers’ Co-operative Association. The same firm also sold Down cross for 4S|c and 474 c. Details of catalogues In order of sale were as follows, Wool Commission stock wools being Included: — Bales Dalgety and N.Z. Loan, Ltd 9074 N.Z. Farmers' Co-operative Assn. 4357 Pyne, Gould, Guinness Ltd. 7640 National Mortgage and Agency Company. .. 6467

Total ..27,538 The sale finished shortly after 8 p.m., exactly 12 hours and five minutes after It had started.