Farmers hold back wool from auction in the hope future prices will lift

Thu, 20 Apr 2017

By Tina Morrison April 21 (BusinessDesk) - Less wool than forecast was offered at New Zealand's weekly auction as farmers held back bales from sale in anticipation prices may lift in the future. Just 8,444 bales were put up for sale at yesterday's South Island auction, 20 percent below expectations, according to AgriHQ. Even with the low number of bales on offer, the clearance rate remained subdued at 67 percent, lagging behind the 71 percent clearance rate for the season to date, AgriHQ said. New Zealand is the world's largest export...

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