Saturday, March 30, 2024

Suprise lift at Napier

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A surprise lift in wool prices at yesterday’s Napier sale brought some positivity back to the wool sector.
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Prices rose strongly across a range of fleeces with 37 micron and stronger up to 12% higher than at the sale a fortnight earlier.

Good to average second-shear wool was up to 16% higher and a small amount of lambs’ wool was keenly sought.

PGG Wrightson North Island auctioneer Steve Fussell also reported strong interest in hogget wool, after several weeks of very flat demand. The hogget season was coming to a close, which might have encouraged buyers.

The most pleasing aspect was a very low pass-in rate, just 2.65% across the total offering of about 10,000 bales, he said.

“We hadn’t seen a market tone like this for some time and weren’t fighting for bids. They were coming in very firm.”

There was a full buying bench with the main buyers from the United Kingdom, Western Europe, Middle East, India, China, Australia and the New Zealand carpet mills.

There was talk of some solid sales along the wool chain in overseas markets, which might have boosted interest here.

But it was too soon to say if it was the start of a firmer trend.

“We had a nice rise in prices about eight to 10 weeks ago then they dropped back again so we’ll just have to wait and see what happens this time.”

Prices: (all micron ranges, clean value): Full wool (good to average): 33, $4.15, up 34c; 34, $3.89, up 65c; 35, $3.43, up 34c; 36, $3.39, up 40c; 37, $3.40; 38, $3.38.

Crossbred, second shear: 33, 3 to 4 inches, $3.58, up 5c; 35, 3 to 4 inches, $3.40, up 43c; 2 to 3 inches, $2.90, up 19c; 37, 3 to 4 inches, $3.25, up 31c; 2 to 3 inches, $2.89, up 20c; 39, 3 to 5 inches, $3.38; 3 to 4 inches, $3.09, up 10c; 2 to 3 inches, $2.85, up 10c. Lambs’ wool: 30, 2 to 3 inches, $4.46; 2 to 4 inches, $4.43.

The Christchurch wool sale on Thursday will be held live at the Canterbury A&P Show with about 8000 bales entered across a range of wool types and breeds.

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