This week the wool bale offering was lower, with a Western Australian public holiday pausing auctions in Fremantle for the week. The offering of 23,413 was down 8.9% on last week’s numbers keeping the pass in rate low at 2% compared to 1.3% the week prior. This was good news for the Eastern Market Indicator (EMI) which jumped 30¢ to 1964¢ in Australian Dollar (AUD) terms and in United States Dollar (USD) terms was up 22¢ to 1407¢. The AUD exchange rate was fairly steady up only 0.04 of a cent to 71.65¢. Overall, 22,942 bales were sold this week, which is around 30% lower than the average for the past 12 months.
Both local market indicators climbed, with Sydney gaining 30¢ to 2035¢ and Melbourne up 31¢ to 1917¢.
In Sydney, gains were made across the board for fine and medium merino with 17 MPG up 22¢ to 2726¢, 19 MPG up 19¢ to 2424¢ and 20 MPG up 20¢ to 2205¢. 28 MPG was steady at 830¢ and cardings gained 16¢ to 1205¢.
In Melbourne, strong gains were made in 18 MPG which was up 48¢ to 2610¢ and 20 MPG which climbed 51¢ to 2239¢. 28 MPG was up 30¢ to 820¢ and 30 MPG up 54¢ to 697¢. After weeks of gains, cardings also climbed higher, up 55¢ to 1224¢.
This week in Mecardo, Andrew Woods gives an update on the ultra-fine wool market, looking at how prices have fared given the increase in supply in recent years and that volumes for 13-micron wool have doubled over the past 5 years (article available here).
The week ahead….
This week the bale offering is set to increase by 12% to 26,178. Auctions are scheduled for Wednesday and Thursday in Sydney and Melbourne and Wednesday only in Fremantle.
The market remains sensitive to volume changes currently, with a mixed bag for indicators this week and slight improvement overall as volumes eased. The Eastern
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Another big drop in volumes
Both local market indicators climbed, with Sydney gaining 30¢ to 2035¢ and Melbourne up 31¢ to 1917¢.
In Sydney, gains were made across the board for fine and medium merino with 17 MPG up 22¢ to 2726¢, 19 MPG up 19¢ to 2424¢ and 20 MPG up 20¢ to 2205¢. 28 MPG was steady at 830¢ and cardings gained 16¢ to 1205¢.
In Melbourne, strong gains were made in 18 MPG which was up 48¢ to 2610¢ and 20 MPG which climbed 51¢ to 2239¢. 28 MPG was up 30¢ to 820¢ and 30 MPG up 54¢ to 697¢. After weeks of gains, cardings also climbed higher, up 55¢ to 1224¢.
This week in Mecardo, Andrew Woods gives an update on the ultra-fine wool market, looking at how prices have fared given the increase in supply in recent years and that volumes for 13-micron wool have doubled over the past 5 years (article available here).
The week ahead….
This week the bale offering is set to increase by 12% to 26,178. Auctions are scheduled for Wednesday and Thursday in Sydney and Melbourne and Wednesday only in Fremantle.
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Data sources: AWEX, AWI, ICS, Mecardo
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Independent analysis and outlook for wool, livestock and grain markets delivered to you as it’s published
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Join the Mecardo team for the Commodity Conversations podcast, where we provide short weekly market recaps and longer conversations with guests to discuss the drivers and trends in livestock, grain and fibre markets.
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Our team of market analysts are recognised as leaders in Australian Ag market analysis, providing invaluable insights to help you navigate the ever-changing commodity landscape.
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We don’t just bring you the most up to date market insights. Find out more about Mecardo’s services including risk management advisory, modelling, benchmarking, research & consultancy.