Where will wool prices be in six months time? | POLL

Where will wool prices be in six months time? | POLL

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What does the future hold for the wool market?

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THERE has been plenty of upheaval in the wool markets of late, with prices falling and concerns about demand.

In recent weeks, the market resumed after a three-week recess only to experience the biggest percentage fall in nearly three decades.

The situation is being blamed on lack of resolution in the COVID-19 situation, a weaker US Dollar and a relatively large offering of wool.

Industry analysts say as long as the lack of demand for the fibre continues and the prices keep falling, the gap between supply and demand will continue to see farmer stocks build, at least for the first half of the season.

In the latest news, Melbourne open-cry wool auctions have been shut down amid coronavirus restrictions.

An SA grower says highs and lows are part of the wool industry, but there are still decisions to be made, as growers consider whether to hold on and wait for prices to improve or bite the bullet and sell.

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