The Eastern Market Indicator (EMI) fell just 9ȼ to 1,352ȼ. The Australian dollar was steady at US$0.73, which resulted in the EMI, in US dollar terms, easing by 14ȼ to settle at 991ȼ.
Fremantle posted a positive week selling 4,661 bales with a 14% pass-in rate. The Western Market Indicator (WMI) again lifted gaining 3ȼ cents to 1392ȼ.
It is also positive that the total turnover to date of $410.6 million is $138.24 million higher than for the same period last year. There is no doubt that despite the weekly market movement underlying demand is solid and capable of absorbing the weekly offering.
A slightly larger offering compared to last week came forward, with 34,537 bales offered, 1,541 more. A higher pass-in rate of 12.7% eventuated, resulting in 30,141 bales selling, 210 more than last week. The average clearance of bales per week for the season to date is 32,094.
AWEX reported that the market followed the closing trend of last week, with buyers adopting a cautious approach.
Only two MPG categories posted a rise this week. In Melbourne the 16.5 MPG was up 28ȼ, and the 18 MPG lifted 20ȼ. AWEX reported all other Merino MPG’s fell between 20 & 40ȼ.
The crossbred indicators were all easier recording the largest losses in % terms, with the 30 MPG down 12ȼ and the 26 MPG easier by 13ȼ.
Cardings were dearer in Fremantle, lifting 7ȼ, while in Melbourne the indicator retraced 9ȼ and eased 4ȼ in Sydney.
This week on Mecardo (view article here), Andrew Woods looks at the change in supply on an MPG basis, and while it does not explain all of the changes seen in micron premiums and discounts, it does explain a lot of it. The interesting thing about that is we have good data on supply therefore we have a good view on the key driver of the micron price curve.
Small loss but positive signs
The Eastern Market Indicator (EMI) fell just 9ȼ to 1,352ȼ. The Australian dollar was steady at US$0.73, which resulted in the EMI, in US dollar terms, easing by 14ȼ to settle at 991ȼ.
Fremantle posted a positive week selling 4,661 bales with a 14% pass-in rate. The Western Market Indicator (WMI) again lifted gaining 3ȼ cents to 1392ȼ.
It is also positive that the total turnover to date of $410.6 million is $138.24 million higher than for the same period last year. There is no doubt that despite the weekly market movement underlying demand is solid and capable of absorbing the weekly offering.
A slightly larger offering compared to last week came forward, with 34,537 bales offered, 1,541 more. A higher pass-in rate of 12.7% eventuated, resulting in 30,141 bales selling, 210 more than last week. The average clearance of bales per week for the season to date is 32,094.
AWEX reported that the market followed the closing trend of last week, with buyers adopting a cautious approach.
Only two MPG categories posted a rise this week. In Melbourne the 16.5 MPG was up 28ȼ, and the 18 MPG lifted 20ȼ. AWEX reported all other Merino MPG’s fell between 20 & 40ȼ.
The crossbred indicators were all easier recording the largest losses in % terms, with the 30 MPG down 12ȼ and the 26 MPG easier by 13ȼ.
Cardings were dearer in Fremantle, lifting 7ȼ, while in Melbourne the indicator retraced 9ȼ and eased 4ȼ in Sydney.
This week on Mecardo (view article here), Andrew Woods looks at the change in supply on an MPG basis, and while it does not explain all of the changes seen in micron premiums and discounts, it does explain a lot of it. The interesting thing about that is we have good data on supply therefore we have a good view on the key driver of the micron price curve.
The week ahead….
Next week Fremantle, Melbourne & Sydney are all selling on Tuesday & Wednesday.
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Click on graph to expand
Click on graph to expand
Data sources: AWEX, AWI, Mecardo
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