The Eastern Market Indicator (EMI) gave back 12¢ this week to close at 1,171¢. The Australian dollar was quite strong hovering around US$0.70, with the EMI in USD terms falling by 8¢ to 813¢. With Fremantle back selling this week, the Western Market Indicator played a bit of “catch-up” finding an 8 cent lift to settle at 1,247¢.
Turnover increased to $25.02 million this week with all centres involved, however, the average bale value of $1,150 was $200 per bale back on last week, taking the season to date value to $1,922 million.
The softer market influenced a lift in the pass-in rate to 12.1% nationally, 5.4% higher than last week’s level. This resulted in 19,146 bales clearing, almost 5,000 more than last week.
This week on Mecardo, Andrew Woods looked at the sheep flock and noted “The Australian sheep flock has moved into an expansionary phase, based on early 2020 rainfall.” Of course, any continued expansion from here (and consequently changes on the sheep flock) will depend on winter/spring rainfall in the key sheep regions.
While Fremantle played catchup on last week’s sales, overall the market was cheaper, ending its two-week positive run. The Crossbred sector was the shining light rising against the general trend and supporting the EMI to some degree.
Cardings continued to improve also and posted on average a 14¢ lift average across the all centres.
Supply low, AUD strong & market positive
Next week
Next week’s national offering declines to just 16,800 bales with Fremantle not offering. Sydney & Melbourne will sell on Tuesday & Wednesday only.
Have any questions or comments?
Click on table to expand
Click on graph to expand
Click on graph to expand
Data sources: AWEX, Mecardo
Categories
Sheep meat price volatility
The drop in sheep meat prices in 2023 came as an unwelcome shock after the better part of a decade of rising prices. This article
Exchange rate pain is wool markets gain
Sydney and Fremantle markets made up for lost time with big improvements across both the broad and merino fleece categories this week. The lower Aussie
Update on RWS premiums
The greasy wool industry tends to think of quality effects on price as additive, somewhat like building a “lego price model” – add for good
A goldilocks wool market: not too hot, not too cold
Back from the Easter recess, results were mixed between selling centres with the Merino segment fairly steady in Sydney, stronger in Melbourne and weaker in
Want market insights delivered straight to your inbox?
Sign up to the mailing list to get regular updates to new analysis and market outlooks
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.
Research: Analysis of the Australian sheep flock
In this report for LiveCorp and MLA, we analysed the historical trends in the demographics of the Australian sheep flock, examining domestic factors that influence farm-level enterprise decision making.
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.