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Merino wool prices higher due to supply crunch
10
Jul '08
Wool season for this year came to a close with market conditions in balance awaiting the next sales. Prices for merino wool traded higher as usual indicating towards a limited supply of medium and broad merino wool.

A total of 40,292 bales were offered recently, of which 91.8 percent were traded.

Wool purchase from various region included about 94.6 percent of Sydney offering (11,520 bales) 92.2 percent of the Melbourne offering (19,928 bales), and 87.5 percent of the Fremantle offering (8844 bales).

Wool processors are finding it difficult to extricate themselves from the conditions where capacity has to be adjusted in keeping with lower levels of supply.

Experts believe that in the next few years, Australian supply of greasy wool will drop if major chunk of the land gets devoted to cultivating crops. Need of the hour is to further develop on-farm productivity so that wool growing can compete with crops and meat in terms of farm gate margin.

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