13 Aug 2012

Farmers resist selling their wool at current prices

12:45 pm on 13 August 2012

Prices and demand firmed a little at this week's South Island wool sale.

But farmer resistance to letting wool go at current prices was also evident. The sale was a small one, with fewer than 4500 bales offered for auction.

Less than 60% of the wool sold. The rest was passed in for failing to meet reserve prices.

Wool Services International says mid-micron wool prices eased by 4-6%.

However, cross-bred fleece and shears prices picked up a little, with shorter shears showing the biggest gains of up to 3%.

Next week's combined North and South Island sale will be a lot bigger, with nearly 14,000 bales on offer.