WOOL PRICES

Otago Daily Times, Issue 23354, 20 November 1937, Page 3

WOOL PRICES

THE LONDON SALES CROSSBRED RATES LOWER CONTINENT CHIEF BUYER Forecasts of lower prices for wool were realised when the November series of London sales opened on Tuesday, values generally being from 15 to 25 per cent, lower than at the September series. This series Is regarded as a fairly reliable guide to prices at the New Zealand sales, the first of which will be held in Auckland on November 27. The drop is particularly marked in crossbreds, which have been regarded as over-valued, in comparison with merinos, for some months. A Press Association message sent from London on Tuesday stated that merinos were from 15 to 20 per cent, lower, and fine and medium crossbreds from 20 to 25 per cent, lower. A total of 7121 bales was offered, including 2753 bales of New Zealand, and 4527 wex - e sold. Sales included New Zealand slipe halfbred lambs, 11 Kaiapoi,” top price 17d, average 14Jd. The easier tone at the Australian sales and the disturbances in the Far East had a “ bearish ” effect on the market. A good selection was offered, and met with a keen demand, the Continent being the chief buyer. Compared with the close of the last series, prices generally were from 15 to 25 per cent, lower. Quotations at the close of the last series in September were:—Greasy merinos, super, 60-64’s, 19zd to 20d per lb; ordinary, 16£d to 17d; inferior, 13d to 14d; halfbreds. 56-58’s, 18d to 18Jd: 56’s, 17£d to 18d; 50-56’s, 17d to 17£d; crossbreds. 50’s, 16id to 17d; 48-50’s, 16d to 16Jd: 46-48’s, 15Jd to 16£d; 44-46’s, 15|d to 16Jd; 40-44’s, 15Jd to 16d: 36-40’s, 15£d to 16d. Approximate prices per lb at the opening of the November sales in the past three years compare as follows; — 1935. 1936. 1937. d. d. d. d. d, d. Merino .. .. 12 17J 13 20 10 16 Fine crossbred .. 8J 10 12 133 13 13i Medium crossbred 7J 81 112 123 12 13 Coarse crossbred 71 7.3 111 .121 12 12J Although prices for crossbreds are considerably lower than at the September sales, they compare very favourably with the values ruling at the November sales in the past two years