By Maja Burry of RNZ.
Demand for Merino wool has taken a hit, with fine wool prices at auction back by about 40 per cent on this time last year.
Merino sheep are typically shorn between July and October. The main selling period for this wool runs from August through to early December.
Crossbred wool, typically used in carpets, makes up about 85 per cent of New Zealand's wool clip. Fine wools such as Merino attract a premium price and are often used in high end garments including sportswear and suits.
AgriHQ said at auction fine wool in the 17-18 micron range was fetching $13 to $15 a kilogram clean, down 35 to 40 percent on last year.