An increase in supply and a softer market pushed prices lower this week, as the Eastern Market Indicator (EMI) dropped 46¢ to 1943¢.
The bale offering increased by 23% to 26,179 but interest didn’t improve with the pass in rate reaching 16%. Overall, 21,822 bales were sold, which is 32% below the average for the past 12 months.
All local market indicators lost ground this week with Sydney falling by 56¢ to 2005¢, Melbourne down by 39¢ to 1902¢ and Fremantle down by 41¢ to 2129¢.
In Sydney, big losses were seen on the finer end of the spectrum with 16.5 and 17 MPG both down by 99¢ to 2668¢ and 2662¢ respectively. 19.5 was down 105¢ to 2235¢ while cardings were only down by 10¢ finishing at 1254¢.
In Melbourne, similar declines were seen for fine and medium microns with 18 MPG losing 50¢ to 2578¢, 19 MPG was down by 64¢ to 2372¢ and 20 MPG was down by 63¢ to 2187¢. In contrast, crossbred wool in Melbourne was the only gain on the board with 26 MPG up by 55¢ and 28 MPG up by 10¢ to 872¢
In the west, 18 MPG was down by 61¢ to 2553¢, 20 MPG was down by 55¢ to 2174¢ and cardings fell by 28¢ to 1220¢.
This week in Mecardo, Andrew Woods explores the changes to the Australian wool clip over the past three decades. Looking at the reasons why while 18 and 19 microns as well as crossbred volumes have remained relatively steady while 21 to 24 micron volumes have fallen by 90-95% under pressure from cotton and synthetic fibres (article available here).
The week ahead….
Next week the bale offering is set to increase by 30% to 33,489 with auctions 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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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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Season ends on a dip
The bale offering increased by 23% to 26,179 but interest didn’t improve with the pass in rate reaching 16%. Overall, 21,822 bales were sold, which is 32% below the average for the past 12 months.
All local market indicators lost ground this week with Sydney falling by 56¢ to 2005¢, Melbourne down by 39¢ to 1902¢ and Fremantle down by 41¢ to 2129¢.
In Sydney, big losses were seen on the finer end of the spectrum with 16.5 and 17 MPG both down by 99¢ to 2668¢ and 2662¢ respectively. 19.5 was down 105¢ to 2235¢ while cardings were only down by 10¢ finishing at 1254¢.
In Melbourne, similar declines were seen for fine and medium microns with 18 MPG losing 50¢ to 2578¢, 19 MPG was down by 64¢ to 2372¢ and 20 MPG was down by 63¢ to 2187¢. In contrast, crossbred wool in Melbourne was the only gain on the board with 26 MPG up by 55¢ and 28 MPG up by 10¢ to 872¢
In the west, 18 MPG was down by 61¢ to 2553¢, 20 MPG was down by 55¢ to 2174¢ and cardings fell by 28¢ to 1220¢.
This week in Mecardo, Andrew Woods explores the changes to the Australian wool clip over the past three decades. Looking at the reasons why while 18 and 19 microns as well as crossbred volumes have remained relatively steady while 21 to 24 micron volumes have fallen by 90-95% under pressure from cotton and synthetic fibres (article available here).
The week ahead….
Next week the bale offering is set to increase by 30% to 33,489 with auctions scheduled for Wednesday and Thursday in Sydney and Melbourne and Wednesday only in Fremantle.
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Data sources: AWEX, Nutrien, 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.