It was a difficult week for the market, as reports that
our biggest market China was sitting on its hands as it waited to get some
clearer direction from retailers.
Despite Fremantle taking the week off, the market opened
weaker before showing a glimmer on the final day, however the tone remained
downbeat.
The Eastern Market Indicator (EMI) went nowhere, ending at 1,107¢/kg. Picking up the inertia, the exchange rate also didn’t move, still holding at 0.677 USD.
Fremantle would have been pleased to sit out the week, however they return next week for the final sale before the winter break.
Looking for positive signs, the market reported that well prepared skirtings in Sydney posted consecutive days of positive moves, however this didn’t transfer to Melbourne where the skirtings market was at best steady.
The only bright spot for Crossbred wool was the 32 MPG, where in Melbourne the market showed some promise on the opening, however by the close of the week this had been retraced, while all other types fared weaker across the week.
Bales cleared to the trade were at their lowest for the 12 month period, only 25,225 bales were purchased at auction, with a further 8.3% passed in.
Wool Week activities were front of mind in Melbourne this week with representatives from all industries sectors meeting. The mood was sombre, with industry bodies representing producers, brokers, exporters and AWI & AWEX all reporting tough trading conditions.
Next week
The winter recess will be welcome, however next week in the last selling week before the recess, 33,564 bales are currently rostered. Sales will be conducted in all selling centres.
The mention of an El Nino has the scribes seeking forecasts and projections for agricultural commodities through production to price. This article takes a look
The main southern hemisphere wool exporters (from west to east; South Africa, Australia, New Zealand, Argentina and Uruguay) are by default the major suppliers of
The higher Australian dollar has prompted questions about the likely impact on local extensive agricultural commodity prices. Mecardo has covered this topic before. The relationship
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.
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.
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.
Nothing to write home about
The Eastern Market Indicator (EMI) went nowhere, ending at 1,107¢/kg. Picking up the inertia, the exchange rate also didn’t move, still holding at 0.677 USD.
Fremantle would have been pleased to sit out the week, however they return next week for the final sale before the winter break.
Looking for positive signs, the market reported that well prepared skirtings in Sydney posted consecutive days of positive moves, however this didn’t transfer to Melbourne where the skirtings market was at best steady.
The only bright spot for Crossbred wool was the 32 MPG, where in Melbourne the market showed some promise on the opening, however by the close of the week this had been retraced, while all other types fared weaker across the week.
Bales cleared to the trade were at their lowest for the 12 month period, only 25,225 bales were purchased at auction, with a further 8.3% passed in.
Wool Week activities were front of mind in Melbourne this week with representatives from all industries sectors meeting. The mood was sombre, with industry bodies representing producers, brokers, exporters and AWI & AWEX all reporting tough trading conditions.
Next week
The winter recess will be welcome, however next week in the last selling week before the recess, 33,564 bales are currently rostered. Sales will be conducted in all selling centres.
Have any questions or comments?
Click on graph to expand
Click on graph to expand
Data sources: Nutrien Ag Solutions, AWEX, Mecardo
Categories
Have any questions or comments?
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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.
SERVICES AND CAPABILITIES STATEMENT BROCHURE
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.