Buyers battle at Australian wool auction as drought cuts supplies [Reuters]
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Source: Reuters
Buyers battle at Australian wool auction as drought cuts supplies | Reuters 6 Min Read YENNORA, Australia (Reuters) - Auctioneer Ian Sharp has been selling Australian agricultural products to the highest bidder since 1968, and he’s never seen demand like this before. Earlier this year, the benchmark price for fine Australian merino wool gained a foothold above the once mythic A$20/kg (about $6.60/lb) price, as one of Australia’s worst-ever droughts leaves farmers struggling to keep flocks fed. The surge, up 20 percent in a year, has confounded buyers who have waited in vain for prices to fall, as they have done previously. “This is very exciting for an old auctioneer like me in the fact that we are selling at these prices and we are clearing a lot of wool,” Sharp told Reuters, shortly before an auction at one of the country’s biggest wool-selling sites, in Sydney’s western suburb of Yennora. “There’s very little wool on hold anywhere on farms or woolbrokers’ stores.” Australia control
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