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Buyer warns producers of board's promise on future wool returns
09
Jun '10
Sheep producers are warned by an Irish wool buyer, who ended up paying the complete market price on the day of purchase, to not get lured to sell their wool to their competitors on the basis of indications of receiving higher returns, next year.

As per the British Wool Marketing Board's (BWMB) recently published 2010 wool price schedule, a letter was also provided, indicating a striking development in returns, that the producers are likely to receive.

BWMB alleges that, owing to increasing prices at recent auctions held in Bradford, they are likely to be in a position to pay 100 pence per kilogram for Cheviot wool and an unbelievable price of 93 pence per kilogram for Blackfaces and Mules wool.

In reaction to these announcements made by the BWMB, Irish wool buyers who are competing against British wool said that, BWMB has failed to give a thought on the prices, by offering to pay such increased prices next year, a time when the risk of prices plummeting during the auction are high, due to season.

Most likely, producers, who are lured due to BWMB's current promises, might be dejected next year, when they receive the actual returns, after the board has reduced its marketing costs.

More so, rather than the cloud nine notions, Irish wool buyers stated that, they will be providing the best cash prices for the day, purely based on the certainty of the current floating market.

Fibre2Fashion News Desk - India

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