The smallest offering for the 2023-24 season produced a 7¢ lift in the EMI, fleece and skirtings all improving and AWEX reporting that stylish lots were keenly sought. The clearance of 29,726 bales was a big reduction on the seasonal weekly average clearance of 38,500 bales.

The Eastern Market Indicator lifted 7¢/kg in AUD terms to 1137¢. A slightly stronger dollar resulted in USD terms the EMI rising just 3¢ at 763¢/kg. The Fremantle market followed suit which saw prices stronger across all categories, lifting the Western Market Indicator by 7¢ over the week to 1,269¢/kg.

Positive sentiment for this week’s market was reflected in the increased buyer demand because of the reduced offering. This supports the theory that demand is stable, and failing any general uplift in demand in the future, we will see prices increase on the back reduced supply, and regress when supply increases.

While buyer interest continues to focus on the better style wools with favourable measurements, due to the limited offering of these types most merino fleece found stronger interest.

The crossbred sector found solid support also, with MPG’s recording 5 to 22¢ lift. Supply continues to wane however clip preparation continues to be a factor in the price variability.

The Cardings were quoted as “steady”; however, the national prices were supported by Fremantle with a 5¢ lift.

Supply was at its lowest point for the season with 31,383 bales offered. After the pass-in rate of 5.3% was deducted, this week just 29,726 bales were sold.

The week ahead….

A small offering of 27,499 bales is rostered for next week, with only Sydney & Melbourne selling on Tuesday & Wednesday only.

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Data sources: Nutrien Ag Solutions, Mecardo

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