The wool market had a positive week all round with even the crossbreds lifting meanwhile the EMI continues its path upward.
The EMI improved for 4th consecutive week lifting 26ȼ/kg to 1427ȼ/kg. A depreciating Aussie dollar, falling 2.16% on last week to 0.69 US, saw the EMI in US terms shed 4 cents to 993 ȼ/kg.
There was a very even spread of improvement however a 51ȼ/kg lift in Melbourne for the 21 MPG and 55ȼ/kg for 18.5 MPG in Sydney were the standouts.
All indicators rose this week with the standouts being the 18 MPG in Sydney rising by 69ȼ to 2178 ȼ/kg while the 17MPG in Melbourne also performed admirably lifting by 63ȼ on last week to 2732 ȼ/kg. The last time the 17MPG south was higher was back in September 2018.
The Western Market Indicator (WMI) also had a strong week, lifting 29ȼ to finish the week at 1502ȼ. The last time the WMI was this high was back in early 2020. All indicators in the west lifted between 21 to 53 cents.
Crossbred wools also had their biggest lift in a long time, rising between 10 to 30 cents, with the 28 MPG in Melbourne being the standout performer. Meanwhile cardings also lifted by 15 in Melbourne, 22 in the west and an impressive 36 cents in Sydney.
In terms of this weeks offering, there was a reasonably big offering of 41,298 bales, and another relatively low pass in rate of 9.0% resulting in 37,594 bales sold.
This week on Mecardo Andrew Woods took a look at crossbred wool types in relation to polyester stable fibres, concluding that crossbred wools fell heavily at the beginning of 2020 and haven’t recovered since – perhaps this week might be the start of crossbreds time to shine 😊 .
The week ahead….
Next week there’s a big increase in the offering, with 46,000 bales rostered for sale with all centres are selling on Tuesday & Wednesday. In a good sign of the wool’s market export adaptability, the slight weaking of demand from China due to ongoing supply chain issues is being somewhat covered by a strengthening in demand from India and Europe as reported by AWI this week.
Wool production volumes have been under strong downward pressure during the past year as a combination of dry seasonal conditions, increased costs, and low prices
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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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Another strong week for wool
The EMI improved for 4th consecutive week lifting 26ȼ/kg to 1427ȼ/kg. A depreciating Aussie dollar, falling 2.16% on last week to 0.69 US, saw the EMI in US terms shed 4 cents to 993 ȼ/kg.
There was a very even spread of improvement however a 51ȼ/kg lift in Melbourne for the 21 MPG and 55ȼ/kg for 18.5 MPG in Sydney were the standouts.
All indicators rose this week with the standouts being the 18 MPG in Sydney rising by 69ȼ to 2178 ȼ/kg while the 17MPG in Melbourne also performed admirably lifting by 63ȼ on last week to 2732 ȼ/kg. The last time the 17MPG south was higher was back in September 2018.
The Western Market Indicator (WMI) also had a strong week, lifting 29ȼ to finish the week at 1502ȼ. The last time the WMI was this high was back in early 2020. All indicators in the west lifted between 21 to 53 cents.
Crossbred wools also had their biggest lift in a long time, rising between 10 to 30 cents, with the 28 MPG in Melbourne being the standout performer. Meanwhile cardings also lifted by 15 in Melbourne, 22 in the west and an impressive 36 cents in Sydney.
In terms of this weeks offering, there was a reasonably big offering of 41,298 bales, and another relatively low pass in rate of 9.0% resulting in 37,594 bales sold.
This week on Mecardo Andrew Woods took a look at crossbred wool types in relation to polyester stable fibres, concluding that crossbred wools fell heavily at the beginning of 2020 and haven’t recovered since – perhaps this week might be the start of crossbreds time to shine 😊 .
The week ahead….
Next week there’s a big increase in the offering, with 46,000 bales rostered for sale with all centres are selling on Tuesday & Wednesday. In a good sign of the wool’s market export adaptability, the slight weaking of demand from China due to ongoing supply chain issues is being somewhat covered by a strengthening in demand from India and Europe as reported by AWI this week.
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Data sources: AWEX, AWI, Mecardo
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Independent analysis and outlook for wool, livestock and grain markets delivered to you as it’s published
Listen to the podcast
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.
MEET THE TEAM
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.