Big offering well received after Easter recess

Sheep being shorn for wool
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A big offering after the 1 week Easter recess break was received enthusiastically by buyers, with the Eastern Market Indicator (EMI) recording its’ first lift in 6 sale series.

The EMI is 10ȼ higher than where it sat before the Easter break at 1,377ȼ. Once again the strongest demand was for higher yielding, lower vegetable matter lines, which pushed most indicators up. The Australian dollar was weaker down 0.39ȼ to US$0.7120, which saw the EMI in US dollar terms down down 39 US cents to 980ȼ – a level not seen since December ’21.

The Western Market Indicator (WMI) also opened the post-Easter break strongly, lifting 13ȼ to finish the week at 1430ȼ. All indicators were stronger in the west up between 11 to 31ȼ, bar cardings which fell by 8 to 932ȼ/kg.

In Sydney & Melbourne most indicators were stronger too – with the standouts in the medium to fine categories being the 22 MPG in the south which lifted 24ȼ to 1301ȼ/kg and the 17.5 MPG in the north, lifting 21ȼ to 2369ȼ/kg.

Crossbred wools all performed well for a change with 26MPG in Melbourne posting a 38 ȼ  lift to 679 ȼ/kg, although still a very low price historically.  the 26MPG fell by 8ȼ. Cardings were weaker all round, down 2ȼ in Sydney and 12 ȼ in Melbourne.  

As is generally the case, we saw a large national offering this week post the Easter lull.  48,752 bales were on offer nationally and the pass in result was relatively low at 10.8% resulting in  43,489 bales sold.

On Mecardo this week Angus Brown took a look at MLA & AWI’s latest sheepmeat & wool survey which points towards a flock that’s growing as was predicted, but is more focused on the meat side than wool, impacting the supply of wool into the 2022/23 season.

The week ahead….

Next week all centres are selling on Tuesday & Wednesday with a lower 41,293 bales rostered for next week.

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Data sources: AWEX, AWI,  Mecardo

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