---

NAFA closed its May mink sale today of over 5.4 million mink with the first seasonal offering of breeders and over 900,000 section lll mink.

Current market conditions made this sale extremely challenging. The market has been significantly impacted by several major factors, not the least of which is the heavy garment and pelt inventory carryover from last season’s production due to the warm winter in our major markets. This issue, as well as others, has created major financial difficulties for the international fur trade. A false market was also then created at the season’s first European February auction where incentives were used that unfortunately led to speculative buying. This further compounded problems and since that February sale, for the most part, we have seen a decline at every auction. This has negatively affected the confidence of the international fur trade. Despite all of these difficulties, NAFA was able to meet the market and sell nearly 100 percent of our offering, but at declining price levels.

The sale continues tomorrow with ranched fox and wild fur.