The Eastern Market Indicator (EMI) fell for the second week in a row this week despite a week on week decline in supply. The EMI finished the week at 1724c which was 27c lower than last week. Bales offered fell from 42,278 last week to 39,673 this week. The lower bale offering gave some respite to last week’s high 13.5% pass in rate which lowered to 8.9% this week.
Local market Indicators were down in all regions, falling 19c in Sydney to 1771c, 33c in Melbourne to 1692c and 29c in the West to 1893c.
In Sydney, 18 MPG fell 38c to 2299c and 19 MPG was down by 56c to 2118c, the greatest downturn of the week. 20 MPG, however, was the only winner on this week’s table, rising 6c to 2016c. Cardings fell by 3c finishing at 1035c.
In Melbourne, downturns were seen across the board with18.5 MPG falling by 52c to 2211c and 21 MPG fell by 48c to 2000c. For crossbred wool 26 MPG fell 37c to 828c and 28 MPG fell by 23c to 635c. Cardings dropped by 4c to 1042c.
The West also saw losses across the board with 18.5 MPG dropping 46c to 2170c, 19.5 MPG falling 54c to 2006c and cardings lost 21c to finish the week at 1013c.
This week in Mecardo, Andrew Woods explores the price differential across merino micron categories and where merino producers can add value through adjusting quality (fibre diameter) (article available here).
The week ahead….
Next week’s bale offing is expected to be lower again at 37,815, which would be down 4.6% week on week. Importantly, the following week is the easter recess, which could have the effect of encouraging buyers to secure more wool this week.
Auctions are scheduled for Tuesday and Wednesday next week in Sydney, Melbourne and Fremantle.
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Supply and Pricing lower again
Local market Indicators were down in all regions, falling 19c in Sydney to 1771c, 33c in Melbourne to 1692c and 29c in the West to 1893c.
In Sydney, 18 MPG fell 38c to 2299c and 19 MPG was down by 56c to 2118c, the greatest downturn of the week. 20 MPG, however, was the only winner on this week’s table, rising 6c to 2016c. Cardings fell by 3c finishing at 1035c.
In Melbourne, downturns were seen across the board with18.5 MPG falling by 52c to 2211c and 21 MPG fell by 48c to 2000c. For crossbred wool 26 MPG fell 37c to 828c and 28 MPG fell by 23c to 635c. Cardings dropped by 4c to 1042c.
The West also saw losses across the board with 18.5 MPG dropping 46c to 2170c, 19.5 MPG falling 54c to 2006c and cardings lost 21c to finish the week at 1013c.
This week in Mecardo, Andrew Woods explores the price differential across merino micron categories and where merino producers can add value through adjusting quality (fibre diameter) (article available here).
The week ahead….
Next week’s bale offing is expected to be lower again at 37,815, which would be down 4.6% week on week. Importantly, the following week is the easter recess, which could have the effect of encouraging buyers to secure more wool this week.
Auctions are scheduled for Tuesday and Wednesday next week in Sydney, Melbourne and Fremantle.
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Data sources: AWEX, Mecardo
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Supply and Pricing lower again
The Eastern Market Indicator (EMI) fell for the second week in a row this week despite a week on week decline in supply. The EMI
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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.