Less wool than forecast was offered at NZ weekly auction as farmers held back bales

Wool now New Zealand's 17th-most valuable commodity export

The weak wool market showed some improvement at the latest New Zealand weekly auction.

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New Zealand lamb wool prices continued to decline at this week's auction amid lacklustre demand during the peak production period. The

Prices continued their downward trend at last week's South Island wool sale.

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Wool prices at this week's auction fell, particularly for varieties sourced from the North Island.

Sheep and beef farmers are in for a 13 per cent fall in income this year, particularly if the NZ dollar remains high, according to Beef and Lamb NZ.

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Education sessions will be next year added to Central Otago's woolliest fashion showcase.

New Zealand wool prices generally advanced at the country's latest weekly auction, which featured the greatest number of bales on

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NZ Merino has signed a five-year, $45 million deal to supply fine wool to Italian luxury fabric manufacturer Successori Reda.

Wool prices rose at the first auction following the Christmas and New Year holiday period, helped by the lower New Zealand dollar.

The prices eased in the first sale of the new 2015/16 season as demand weakened.

Wool auction volumes are set to increase next week as farmers who have been holding out put their bales on the market.

Sheep meat prices have fallen by about 10 per cent over the past two months, driven by a drop in demand in China and difficult conditions in another important export market - Britain.

The risk of the kiwi dollar remaining high is the biggest risk to Government forecasts for growth in the nation's farm, forestry and seafood exports, a new Government report says.

A fall in global commodity prices and the strong kiwi dollar meant New Zealand producers were squeezed in the first quarter.