Wool growers cashed in on a weaker currency that drove prices higher by up to 3 % at the latest North Island wool auction sale. They appeared happy to sell at these levels and 98% of the lots offered were sold at the second best sale of the year and only about 10c behind the autumn high.
Main competition was supplied from Australian, Chinese and UK principals and also supported by Western Europe and the Middle East buyers, NZ Wool Services reported.
Wools dramatic rise in value started just over a year ago, and has been driven by a world wide shortage of product and empty stockpiles. This has seen values double for coarse crossbred wool with todays sale reaching indicator values of 657c /kg clean, and the fine crossbred wool mark at 688c/kg clean.
Most in the industry had given up all hope that value would return to this product, and with the added bonus of unprecedented demand for lamb and sheep meats, the sheep sector has returned to respectable profitability.
See below for charts that show the dramatic rise of auction prices of mid-micron, fine crossbred, and coarse crossbred wools measured in a market indicator .
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