Three of New Zealand's leading woolbrokers, all based in Hawke's Bay or Gisborne, are reassuring growers that a low dispersal at the Napier sale this month was a "blip" rather than part of a long-term trend.
Just 54 per cent of the July 7 offering of 7500 bales sold - one of four times in the past five weeks more than 30 per cent has been left in the stores after the sales, which alternate week-about between Napier (North Island) and Christchurch (South Island).
It was a sharp downturn from the June 23 Napier sale when 77 per cent of the 12,180 was sold, while in the last three South Island sales the dispersal was 61 per cent of 5800 bales last week, 66 per cent of 10,900 bales on June 30, and 63 per cent of 4400 bales on June 16.
The pep talk is being delivered by Napier-based Kells Wools, Waipukurau-based Wright Wool, and Gisborne-based Fred Tate Wools ahead of today's Napier sale, at which about 6000 bales are being offered.
Philippa Wright, of Waipukurau, conceded: "Coming off one of the best seasons for wool for many years, it was disappointing to witness a poor sale in Napier."
"We will be going into the sale this week with an open mind," said Peter Tate.
"Our advice is to hold tight for now, sell if you have to, and keep sight of the fact that, even though the price has dropped from a buoyant run, it is holding up at the same price it was a year ago," Ms Wright said.
Behind it is what the brokers say is a "perfect storm" of events which have culminated in uncertainty and cautiousness in the auction house - a situation in which they say there is "no history" to draw on.
Factors include a "very high" New Zealand dollar, the Brexit vote in the UK, Britain selling at much cheaper levels due to the drop in the pound, a slowing of China's demand amid the weakening of its economy, a build-up of wool inventories, and the advent of the holiday season in the northern hemisphere.
"The situation is unique and given this we recommend that growers sit tight and wait for the traders to establish their levels again," said Richard Kells.
"What we do know is that the demand for long wool remains firm and growers are prepared to set realistic reserves and accept they may have to wait until September to see any improvement in demand."
Mr Tate said: "If you don't have to sell then set reasonable reserves rather than dump large quantities of wool into what may be a fragile market."