Farmers hold back wool from auction in weak market

Fri, 05 May 2017

By Tina Morrison May 5 (BusinessDesk) - Less wool than forecast was offered at New Zealand's weekly auction as farmers held back bales from sale in a weak market. Just 6,821 bales were put up for sale at yesterday's South Island auction after 11 percent of the expected bales were withdrawn before the sale started, according to AgriHQ. Even with the low number of bales on offer, the clearance rate fell 2 percentage points from last week's auction to 73 percent, lagging behind last year's levels, AgriHQ said. New Zealand is the world's l...

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