Wool prices slid at the first sale of the season and auctioneers aren't sure if absent buyers will return.
PGG Wrightson wool auctioneer Dave Burridge said he had worked in the industry for 30 years and the first wool sale of the season on July 19 was the worst he had attended.
“It's a kick in the pants.”
Most wool types finished much cheaper than the previous season, he said. Big buyers were absent from the sale because of the northern hemisphere holiday period, he said.
Although sales were traditionally sluggish in July, it remained to be seen if sales would pick up in August, he said.
Most wool styles were cheaper, some by up to 10 per cent, and passings were 55 per cent, he said.
Elders primary wool auctioneer Roger Fuller said the first sale of the season was terrible.
“Not flash, not flash at all. I don't know when it's going to end. Its quite concerning at the moment.”
Starting the sale season in August was not the answer because sales could still be sluggish in September, he said.
Wool prices and demand had fallen back to 2010 prices, he said.
Cotton and wool were traditionally priced similarly but cotton had been low for the past year so wool was coming into line, he said.
Passings were about 40 per cent, he said.
- © Fairfax NZ News
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