Wool prices

Strong and fine wool markets retained their strength at sales last week as buyers continue to chase dwindling supplies.

Concerns about a looming shortage of wool resulted in auction prices rising last week despite an appreciating currency.

Crossbred wool prices continue to firm, reaching values last seen in 1996.

A shortage of wool helped push most prices higher at last week's combined North and South Island sale.

Just 8300 bales were offered.

Last week was a good one for the wool industry, with prices firming for both crossbred and fine wool on both sides of the Tasman.

Agri-business leader Colin Harvey has been appointed by the Government to head the Wool Group, a body charged with turning around the ailing strong wool industry.

Farmers received some good news last week with prices from crossbred and fine wool all lifting on recent sales.

Wool prices defied a strengthening exchange rate and generally firmed at last week's sale.

Currency fluctuations caused mixed results in last week's sale of North Island and South Island wool.