Wool report: The wool market is on the up

PGG Wrightson's GM for Wool Grant Edwards. Photo / Supplied

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This week The Country's Jamie Mackay is joined by PGG Wrightson's Grant Edwards to look at the wool market this month.

Mackay said it was pleasing to see a lift in the wool market over the past month, although he stressed it was important to approach this with a "glass half full" attitude.

Edwards confirmed growth in the wool market with an increase of 40 cents per kilo greasy throughout February.

In addition, there was international recognition of supply and demand and China had been operating in this market, Edwards said.

China had also been active in the Australian wool market Mackay said.

He quoted NZ Merino Company's chief executive John Brakenridge who'd said "watch this space" with speculation around returns for strong wool.

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According to Mackay, New Zealand's Big Save Furniture was also going to be paying New Zealand wool growers $4.50 for finer strong wool.

Edwards confirmed this and said it was great to see industry initiatives being implemented.

Edwards teased that there was an announcement to come out around a boundless stock range where PGG was working with New Zealand growers, who were wool integrity programmed based, to produce retail stock.