Wool prices better than expected

Press, 9 August 1985, Page 25

Wool prices better than expected

Wool prices held up better than expected at a combined Timaru and Invercargill sale in Christchurch yesterday.

A strong upward movement in the New Zealand dollar since the last sale, on June 27, had led many in the wool market to predict a 10 to 12 per cent fall in prices at the first sales of the new season. In Christchurch the average fall for main fleece lines was 4 to 5 per cent.

The chairman of the Council of Wool Exporters, Mr Michael Moss, said that the wool market yesterday found a better level than pessimists were predicting. It would be too early to say whether yesterday’s sales would set the level for the rest of the season but he expected caution by exporters during the next month at least. The season would be one of wrestling with currency adjustments and high interest rates, Mr Moss said.

The Wool Board was moderately active in the market yesterday, a high level of bidding indicating that exporters were using the board valuations for market level indicators, especially early in the day. A big percentage of passings by the broker that offered the first catalogue also indicated some initial nervousness on the part of buyers. However, the Wool Board was not required to buy many lots and its level of activity over all was lower than expected.

Among leaning vendors of Corriedale wool were P. A. and M. A. Harmer (Alford Forest) with 114 bales of fine woolly hogget at 454 c (75.2), and 24 bales of two-tooth at 433 c (76.8). Four bales of fine Halfbred two-tooth from H. A. Dyer (Waihao Forks) sold at 418 c (72.7) and three bales of similar description from the same vendor fetched the same greasy price of 418 c, but for a yield of 75.6. Glen Lyon Station (Twizel) received 495 c (68) for five bales of Merino bellies.

Coopworth wool sold to 449 c

(86.9) for eight bales of twotooth from J. R. Campbell (Cannington), and J. R. Watt (Cricklewood) received 423 c (84.1) for 10 bales of secondshear.

Other Coopworth sales included T. H. Hurst (Waimate) with 398 c (77.8) for 18 bales, and G. L. Pemberton (Geraldine) with 402 c (78.7) for five bales.

Butters Brothers (Sherwood) sold 21 bales of Perendale cross at 467 c (88.9), seven bales of fine Perendale at 448 c (88), and four bales of Perendale at 422 c (85.1). Seven bales of Perendale from Pareora Downs (Taiko) fetched 411 c (79.8), and A. G. Hendrickson (Totara), sold 16 bales at 440 c (85.4).

The highest greasy price for romney and crossbred wools was gained by 21 bales of crossbred from the estate of G. A. Carson and Son (Ashwick) which made 458 c (89.9). Butter Bros (Sherwood) realised 457 c (90.6) for eight bales of strong crossbred, and 450 c (90.6) for four bales of Romney twotooth wool; J. P. and' A. M. McGillen (Hanging Rock) sold 20 bales of crossbred for 453 c (89.1) Moran Bros (Taiko) sold 20 bales of medium crossbred for 441 c (86.7); A. K. Latimer (Ashburton) sold eight bales of crossbred two-tooth for 440 c (87.2) as well as 12 bales of Romney for 427 c (82.8). and 15 bales for 423 c (82.7). J. Drinan (Bluecliffs) sold eight bales of Romney for 437 c (85.4), Tripp Bros (Orari Gorge) seven bales of Romney for 430 c (85.6) and 58 bales of second-shear of 427 c (83.7), G. G. Saunders (Geraldine) sold 17 bales of medium crossbred for 428 c (85.2), D. Roberts (Fairlie) sold 15 bales of Romney for 429 c (84.2), B. G. Alexander (Waimate) sold four bales of Romney two-tooth wool for 425 c (83.3); P. W. Allport (Timaru) sold seven bales of Romney hogget for 424 c (81.5) and 26 bales of second-shear for 417 c (82.5), I. Middleton (Temuka) sold 26 bales of fine crossbred second-shear for 419 c (83.9), J. Mallinson (Geraldine) sold seven bales of crossbred hogget for 414 c (79.8), and the same price was received by R. A. Jones (Ashburton) for eight bales of crossbred twotooth (80.2). The order of the sale was (Timaru) Wrightson N.M.A. 139 lots, 1346 bales; Pyne, Gould, Guinness 130 lots, 1441 bales; Dalgety Crown 176 lots, 2356 bales, total 445 lots, 5143 bales.