Crossbred fleece rebounded above 700 cents clean at the Christchurch wool auction yesterday, with Australian exporters buying New Zealand strong wool as their own clip diminishes.

Dave Burridge, National Wool Auction Manager at PGG Wrightson, says tight supply is underpinning the market after the sharp drops through July.

“Supply speaks volumes for itself. It is the lack of it that is really underpinning this market,” he says.

He says good long crossbred fleece now exceeds 700 cents clean and shorter types are back above 600 cents, with 95% of the fine wool on offer cleared.

Senior Australian representatives sat at the bench and bought strong wool alongside their traditional fine wool.

“Now that the demand is outstripping supply, I think wool growers will be more serious about breeding for wool quality.”

He says inclement weather and limited South Island volumes point to further strengthening.

See the full report here.

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