By Robert Herrmann | Source: Riemann
While the wool market finalises its sixth consecutive week of falling prices, growers and brokers remain underwhelmed by the bids on the Riemann Wool Forward screen. This is despite a solid list of buyer bids at or close to the current auction levels for 19, 19.5 & 21 MPG contracts into the New Year.
This is a clear signal from sellers that they expect the wool price in the future to rally. Buyers are less sure, but are prepared to pay current auction levels up to four months into the future. This is a classic “Mexican stand-off” that will play out over the spring period.
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