PAST THE PEAK

Evening Star, Issue 22578, 20 February 1937, Page 12

PAST THE PEAK

WOOL MARKET DECLINE PRICES STILL HIGH [Per United Press Association.] WELLINGTON, February 19. The vagaries and uncertainties of the wool market were strongly in evidence at the third Wellington sale of the 1936-37 season, which was held to-day, and which in its results presented a marked contrast with that of last month. At the January sale here the prices were generally from Id to IJd, and in many cases 2d to 2id higher than at the first auction in December. To-day prices went back to about the December level, the decline in the case of half-breds and Southdowns being even more pronounced. The peak of the wool market was reached in January, and since then it has shown a definitely easier trend. This, added to the fact that the wools offered to-day were not up to the quality of those sold last month, accounted for the decline. Little exception could be taken to the prices paid to-day, which were far in advance of, and in many cases double, those of a year ago. The buying was well spread, and there was a good clearance, the passings at auction being under 10 per cent. There was a large offering, totalling 30,200 hales, comprising mainly top-making cross-breds, with} a proportion of average half-breds, a tew merinos, and a good entry of lambs’ wool. There was a full bench of buyers, representing all sections of the trade. The weaker tendency in the market since January, particularly for merinos, half-breds, and fine crossbreds, was very apparent, and the sale was more than two-thirds through before 20d was reached for half-breds. Only two lines reached that figure, one lot of five bales of half-bred selling at 201 d, and a line of seven bales of Southdown making 20d. Compared with the January sale at Wellington merinos and halfbreds and other fine wools were from 2d to and in some cases as much as 3d to 4d lower. Medium cross-breds were from Id to 1?d lower, and coarse 'cross-breds from |d v tO Id down. Lambs’ wool, which went mainly to New Zealand mills, was about 2d lower. Crutchings, bellies, and pieces sold well at slightly lower rates. As was the case at the Januarj sale, the coarser lines of clips sold at relatively' • higher prices than the finer grades. For example, A ewes made 16d and B ewes in the same clip 16jd, while in another clip A crossbred sold for 14|d, B grade for 15d, and C grade for 16d. dotted wool and crutchings made high prices, due to the strong demand for the carpet industry.

The buying was widely spread, although Japan was not the same factor in the market as in the December and the early January sales. Bradford bought freely, and French and other Continental buyers were very active. Some good orders were filled for the United States and Canada, which took coarse and cotted wools and crutchings. New Zealand mills were strong buyers of lambs and other suitable sorts.

The majority of the growers met the lower market freely. The passings at auction were between 9 and 10 per cent., 27,469 bales being recorded as sold under the hammer and 2.683 hales passed in. A fair quantity of passings was afterwards sold privately. Although prices were well down on January rates they were far in excess of those ruling last season, and must be accounted as very satisfactory. RANGE OF PRICES The official range of prices is as follows, the prices at the January sale being given first and the prices at today’s sale second: —

d. d. d. d. Merino— Extra super. — — Super. ... 20* to 23* — Average ... 18* to 20 16 to 19| Inferior ... — to 162 14 to 15§ Fine half-bred, 56/58 — Extra super. — — ; Super. ... 22* to 24* — , ’ Average ... 192 to 212 16* to 19 Inferior ... — to 19* 13* to 16 Medium lialf-bred, 50/56 — Extra super. — Super. 22 to 23 — to 192 Average ... 19 to 21$ 15* to 19 Inferior ... 16 J to 18* 13* to 14 Extra fine cross-bred, 48/5C — Super. ... 181 to 20* 16* to 18| Average ... 16J to 18 15 to 17* Inferior ... 15 to 16 14 to 142 Fine cross-bred, 46/48 — Super. ... 17 to 191 16 to 18* Average ... 15 to 18 14* to 16| Inferior ... 13* to 16 13 to 14* Medium cross-bred, 44/46 — Super. ... 16 to 192 15* to 18* Average ... 15* to 17 14* to 16 Inferior ... 14 to 16 13 to 14* Coarse cross-bred, 40/44— Super. ... 16* to 19* 16 to 18* Average ... 16 to 18 14-J to 16* Inferior ... 14* to 16113* to 14* Low cross-bred, 36/40 —• Super. ... — 172 16* to 17* Average • ... — 172 15* to 17* Inferior ... 16 to 17* — 14* Hoggets— 48/50 15* to 20* 15* to 17* Fine, 46/48 15 to 18* 15* to 172 Medium, 44/46 ... 16 to 17 14* to 17 Coarse, 40/44 ... — 14 to 152 Low, 36/40 — — 17* Lambs’ down— 50-56 ... — 18 to 19* Fine, 44/50 15* to 21 16 to 19* Medium, 40/44 ... 15 to 18 14* to 152 Seedy and inferior ...10 to 14* 10* to 14 Bellies and pieces— Merino— Good to sup. 14 to 15* 14* to 15| Low to med. — 13| 122 to 132 Half-bred— Good to sup. 13* to 18* Hi to 14*t Low to med. 11* to 13* 10* to 11* Cross-bred — Good to sup. 12* to 16* 11* to 14* Low to med. 8* to 13 9* to 12* Crutchings— Med. to good 13 to 17| 13 to 16* Inf. and seedy 9* to 12* 9* to 11 Locks— Merino — 10* Half-bred 9 to 9* Crosa-bred 8| to 10* 82 to 9*