The Country: A Monthly Dive into the Wool Market with Grant Edwards, GM for Wool
In the latest interview with Rowena Duncum from The Country, Grant Edwards, the General Manager for Wool at PGG Wrightson, provided insights into the current state of the wool market, notable retirements, and exciting developments. Listen to the interview below or read a summary of the key points discussed:
1. Strong Performance in Auctions
As the wool market approaches the end of the season, Grant Edwards highlighted a significant quantity offered at a recent auction in Christchurch. The markets were robust, with one of the largest Australian wool exporters present in person, strengthening buying power. Prices were reported to be on par with or, in some instances, better than those in Australia. While a substantial portion of wool is under direct contract and bypasses the auction system, the overall market is exhibiting strength.
2. Challenges in the Crossbred Space
In the crossbred space, after a period of substantial price rises in the last few months, November has seen more subdued demand. This trend is partly attributed to the fluctuating New Zealand dollar compared to the American dollar. Grant acknowledged the impact of the exchange rate on market dynamics.
3. Farewell to Allan Jones
Grant shared the news of Allan Jones, the North Island Wool Manager, retiring after an impressive 57-year career in the industry. Recognising Jones's contributions, PGG Wrightson has planned a special function in early December to bid him a well-deserved farewell.
4. Global Luxury Fashion House Collaboration
Grant teased an exciting development, revealing a recent visit from a globally renowned luxury fashion house. While bound by confidentiality agreements, the anticipation is building for the day when specific details can be shared.
5. Wool Street Journal Update
Grant informed the audience about the upcoming release of PGG Wrightson's in-house wool newsletter, the Wool Street Journal. Accessible online on their website, the newsletter provides a market overview and articles on recent wool promotions, offering valuable insights into industry trends.