Timaru wool values similar to recent rates

Press, Volume CX, Issue 32474, 8 December 1970, Page 14

Timaru wool values similar to recent rates

While the market at the third Timaru wool sale of the season yesterday was generally quoted from par to slightly cheaper on last week’s Christchurch sale, values were still very much in line with recent rates, and there was a sound inquiry for everything on offer.

Only 560 bales, or about 2] per cent of the offering of 21,000 bales of new season’s wool failed to find a buyer at auction, and at the start of the day more than 260 lots were sold before there was a passing.

A feature of the sale was the large representation of Merino wool. About 3800 bales in the selection formed one of the largest Merino offerings in Timaru for a number of years. Mackenzie Country wools predominated in . growers’ lines of Merino wool.

The Merino market has been in a pretty depressed state in recent months, and although it was officially quoted yesterday as being cheaper on last week’s Christchurch sale for medium and fine fleece by 2| to 5 per cent, and in buyers’ favour for strong and extra fine wools, there seemed to be a better' tone about the sale, probably because of the good quality of the offering.

61 sales Sixty-one sales were made at 40c per lb or better, but a good many of these fell in the 40c to 43c range. There was, however, a marked premium for some of the top offerings, with two lots'topping 50c per lb ahd realising 59jc and 57jc.

These were both from the 35,000 acre* Haldon Station of Mr J. I. Innes, in the Mackenzie Country. His top prices for 11 bales of AA fine Merino wether warp had the distinction of being the highest price paid for wool at auction in New Zealand so far this season. It exceeded the 57c paid for Merino in Dunedin on November 13, according to information supplied by the Wool Commission This lot.

and another 12 bales of AA fine Merino ewe warp, also from Haldon, which realised 57}c, were purchased by J. Leach and Company, of Wellington. Mr M. Leach, who was the successful bidder, said afterwards that the top wool would be going to the United Kingdom, where it would be blended with "the cream of the world’s wool” to make a highly specialised cloth. Mr Innes sold 80 bales at 40c per lb or more. When the sale was made at 57Jc, it was greeted with whistles by other buyers—a gesture reminiscent of more buoyant days on the wool market. Grays Hills, a neighbouring run, also sold 122 bales at 40c or better, and 16 bales of AA fine Merino wether realised 48|c.

While these prices may sound reasonably good, and values looked as though they could be somewhat better than at the last Timaru sale In October, the market was still 13c to 14c per lb below levels of a year ago, when values were Sc tb 9c' per lb under prices of a year earlier, when the market was on the way down after the most recent substantial lift in wool values In 1968.

The main weight of Merino wool sold between 35c and 40c, and fine Merino sold mainly from 36c to 41c, medium from 35c to 39c, and strong Merino from 33c to 37c.

Mostly steady There was a moderate offering of halfbfed and Corriedale wools, and compared with last week’s Christchurch sale prices were steady, except for strong and extra strong qualities and also woolly hoggets, which were slightly easier. Fine-wool skirtings were also inclined to be in buyers’ favour. The hulk of the fine halfbreds

'and Corriedales brought from 32c to 36c, medium qualities brought from 31c to 34c, and stronger wools produced from 29c to 32c. At these prices, these wools were up by about 2c per lb on October rates, but were trailing last year’s comparable sale by 4c to Sc per lb. particularly for the fine and medium qualities. To a much lesser extent than the Merinos, the commission also had to supplement these wools. Braemar Station had a good sale In this category when 102 bales brought 36c or better, and 15 bales ranged up to 39Jc. Crossbred wools formed a substantial part of the offering and were officially quoted as unchanged on last week’s market, but some observers considered them to be firmer, although this had not been expected. Crossbred skirtings were, however, inclined in sellers’ favour.

Crossbred prices Values for crossbred wools were similar to those of last week. Finer sorts brought from 27c to 29c per lb, medium wools from 24c to 26c and coarser sorts from 23c to 24c. Again, some of the strongest competition was for the binned entries of strong crossbred wool selling from about 23c to 25c. Rates for the wools were not a great deal different from those ruling in October, and only fractionally easier on prices of a year ago. Fine-wool necks sold from 27c to 34c. Coarser sorts ranged from 27c to 31c; fine-wool pieces from 22c to 34c, and coarser qualities from 15c to 29c; fine-wool bellies 20c to 26c, and coarser qualities from 14c to 26c; and fine and coarse crutchings from 14c to 22c.

Of the 221 bales of stock wools that offered, the Wool Commission had 59 bales passed to it. The passings were mainly of fine wool. Apart from Merinos, which were in demand particularly from local mills, competition was fairly general. The Continent was the main buyer but had support also from Eastern Japan and Bradford. The market showed little alteration during the sale. Leading sales Apart from the sales already mentioned of Merino wool, J. I. Innes, of Haldon Station, also sold'eight bales of Merino twotooth ewe warp at 481 c. Glentanner Station (Mount Cook) rea* Used 47c for eight bales of mqdium Merino, and 46c for

three bales of fine Merino hog> get. The same vendor also had 11 bales of fine Meriiio at 45c. Haldon Station had 16 more bales of Merino wether warp at 44? c, and Glentanner made another sale of eight bales at 441 c.

Sales at 43i|c were made by Hatdon Station for 12 bales of Merino ewe warp, the estate D.' Urquhart and Sons (Grays Hills) for eight bales of Merino hogget, and W. A. Urquhart (Streamlands), for nine bales of Merino ewe.

' Quarterbred wool made to I 361 c for seven bales offered by the NMA Company, and 36c for' i 10 bales from Ben McLeod , Station (Geraldine). The best price for half bred > wool was 40c for five bales of 1 medium quality in the bins of

I Wright Stephenson and Company, Ltd. L. P. Chapman of 'Mount Somers, realised 395 c for eight bales of hogget wool, and ihe also had nine bales of ewe wool at 371 c, and another six bales of hogget at 371 c. BraeI mar Station (Lake Tekapoj,

-i which had 15 bales of ewe wool „ 1 at 391 c, also sold 11 bales at r 382 c and six bales of hogget at _ 1 38 L C - si T. P. Lowe and Company t (Windermere) realised 381 c for -1 six bales of ewe wool and sales , at 372 c were made by A. G. Me- > Rae (Hakataramea). for four bales, and M. G. Murray (Lake ~ Tckapo) for nine bales of hogget. Braemar Station had J 5 bales of wether wool at 37Jc and an- , i other 14 bales at the same price. , Mount Somers Station (Mount J. ' Somers) sold five bales of hogget at 371 c, and this price was i also received by Guide Hill > 'Station (Lake Tekapo) for seven bales of hogget. Ellon Farm (Mayfield) realised . 1402 c for 11 bales of Corriedale , t.wool, and it also had sales of , ’■l2 bales at 36Jc and four bales > at 352 c. Smith Brothers v (Hakataramea), sold six bales of Corriedale wether at 362 c and • I four bales of wether at 36c. > One of the best prices for » ihree-quarterbred wool was T received by R- J- Lister p (Rangitata) with 322 c for four « . bales of hogget wool. » ;, Crossbred wool sold to 341 c•> 1 for eight bales of hogget from > B. C. Bowker (Raincliff). This » price was also paid for two bales > in the bins of the NMA Com- « pany. Pyne, Gould, Guinness • i Ltd also had four bales of • 1 binned hogegt wool at 34c. R- P T. Jopp (Fairlie) had nine bales -j of hogget wool at 332 c, and 1 sales at 33c were made by J. N. -a 2 McLeod (Albury). for six bales -r of hogget, and by B. J. Glass (Albury) for four bales of > i hogget. W. G. Wallace (Rangitata Island) sold seven i bales of hogget at 322 c. and Moran Brothers (Taiko), had four * bales of hogget at 32c. Second-shear crossbred made 4 to 27c for three bales in the * i bins of the Canterbury Fanners* * Co-operative Association, and > second-shear fine-wool brought to 262 c for two bales in the bins < of the NMA Company. * 1 Perendale cross wool realised • to 302 c for five bales in the J bins of Pyne, Gould, Guinness ? Ltd. 4 One of the best prices for * Southdown wool was 421 c for 13 * bales in the bins of Dalgetv * New Zealand, Ltd. The NMA 1 1 Company also had eight bales of < binned wool at 41ic. a Details of catalogues tn order 4 of sale were:— i NMA Company of New Zealand, Ltd 5235 ** Pyne, Gould, Guinness Ltd. 5051 7 Wright, Stephenson and *. Company, Ltd 3553 ’ Canterbury Fanners' Co- , operative- Association 3381 £ Dalgety New Zealand, Ltd. 4026 y Total 2l|2M • i' These figures include 221 bales • i 1 of Wool Commission stock wools, 4 land the South Canterbury WoolI brokers* Association also offered 1 140 bales of scoured wool, which Isold up to 411 c for halfbred hogget.