Wool prices easier

Press, 24 May 1985, Page 11

Wool prices easier

The wool market eased slightly compared with the recent North Island sales when Invercargill and Timaru wool was sold in Christchurch yesterday. As exporters filled up their orders and New Zealand mills topped up their raw and scoured wool stocks, the market quotations became somewhat uneven, type to type, but the bulk of the medium crossbred and second-shear wool remained firm.

Compared with the Wellington sale on May 16, strong crossbred, good style, was down 2.5 per cent; average style was in buyers’ favour, better style secondshear was firm with the poorer style down 2.5 per cent; 29 and 30 micron lambs’ wool was in sellers’ favour and 31 micron were down 5 per cent; crossbred pieces were down 2.5 per cent, and oddments up 2.5 to

5 per cent. The market had been at a high level before this sale, showing a strong recovery from the trough into which it slipped in February. At a seminar on the wool industry convened by the meat and wool section of North Canterbury Federated Farmers recently, an exporter, Mr Richard Mercer, said this trough might have lasted longer had it not been for the shortage of wool for auction in April and May. Mr Mercer, from Maircom (N.Z.), Ltd, said good weather had meant that supplies had been a month earlier this season compared with normal and that the present shortage was lifting prices. The inquiry level from overseas was not very good at present but probably at the same level as at this time in other years.

Yesterday’s auction brought a good spread of competition with a reasonable bidding tone, Eastern Europe, New Zealand mills and the Far East being the main buyers.

The Wool Board bid on 798 bales, 5.2 per cent of the offering, and had 280 bales, 1.8 per cent sold or passed to it.

Coarse crossbred lambs’ wool was in demand and made a top price of 518 c (81.0) for D. R. Goodman and Son (Fairlie) who sold four bales. Bush Farm (Geraldine) sold four bales of Perendale lambs’ wool for 483 c (81.4); I. N. Cooper (Geraldine) sold three bales of fine crossbred lambs for 475 c (812); P. Hudson, Ltd (Taiko), sold five bales of Perendale lambs’ wool for 470 c (79.8); Blair Bros (Ashburton) sold seven bales of Romney lambs' wool for 459 c (79.5) and K. B. Cooper and Son (Geraldine) sold 10 bales of fine crossbred lambs’ wool for 455 c (81.5).

Among vendors of fine lambs’ wool. D. Edgar and Son (Geraldine) sold six bales of Halfbred for 431 c (65.3). R. P. Tennet (Otaio) sold 10 bales of crossbred two-tooth wool for 438 c (83.6); J. and P. Studholme (Waimate) sold seven bales of strong crossbred for 436 c (83.1); K. H. Engelbrecht (Waimate) sold six bales of medium crossbred woolly hogget for 436 c (80.8); F. H. Coles and Son (Hunter) sold eight bales of Perendale shorn hogget for 434 c (83.1); R. W. Moore and Sons (Pleasant Point) sold 8 bales of Coopworth fleece for 433 c (70.9); and A. J. Mckenzie (Waimate) sold nine bales of crossbred two-tooth wool for 432 c (81.3). Second-shear wool sold to high prices, the top being 485 c (93.0) brought by eight bales of crossbred shears grown by J. H. and B. E. Moir (Temuka). R. J. Salt (Fairlie) received 484 c (92.8) for six bales of crossbred shears, and G. S. Girvan sold 10 bales of crossbred, twotooth shears for 482 c (92.3). Among the fine-wool vendors, D. T. Lowe and Co. (Ashburton) sold 27 bales of extra fine Halfbred for 511 c (71.9) M. M. and D. A. Keen (Waihaorunga) sold six bales of Halfbred fleece for 499 c (75.3); D. F. and A. Morrison (Mayfield) sold eight bales of Halfbred second-shear for 447 c (75.7); and P. and R. Benny (Hakataramea Valley) sold 14 bales of Corriedale shorn hogget for 437 c (70.6). K. A. and L. M. Hall (Clearmont) sold two bales of Lincoln wool for 450 c (77.9). The order of sale was Pyne, Gould, Guinness, 201 lots, 2154 bales; Dalgety Crown, 260 lots, 2735 bales; Wrightson N.M.A., 211 lots, 2112 bales; Total Timaru, 872 lots; 7001 bales. Prompt date for the sale is June 10.