The Eastern Market Indicator (EMI) rose again this week, up 10¢ to 1989¢, amidst the smallest national offering for the past 12 months. Supply continues to lull with the bale offering decreasing significantly, falling 17% to 21,251. The pass-in rate increased marginally to 4% this week and bales sold were down to 20,393 which is 37% below the average for the past 12 months.
An overall gain was made in each local market indicator, with Sydney finishing 9¢ higher to 2061¢ and Melbourne up 11¢ to 1941¢.
In Sydney, a mix of gains and losses in fine and medium merino saw 17.5 MPG rise 9¢ to 2761¢, however 18 MPG lost 24¢ to 2626¢. 28 MPG gained 30¢ to 880¢ and cardings jumped by 35¢ to 1264¢.
Melbourne saw stronger gains, with 17 MPG up by 32¢ to 2720¢, and 18 MPG up by 17¢ to 2628¢ with a small decrease observed for 20 MPG which was down by 2¢ to 2250¢. Crossbred wool saw strong gains with 26 MPG up 30¢ to 1135¢ and 30 MPG up by 43¢ to 740¢. Lastly, cardings lost 2¢ to 1224¢.
This week in Mecardo, Andrew Woods investigates the effect of staple length on the value of merino fleece. The price of merino wool increasing this season combined with small discounts for wool with a staple length in the 60-70 mm range means that some sale sheep are carrying high value fleeces (article available here).
The week ahead….
Next week the bale offering is set to increase by 30% to 27,697 with Auctions scheduled for Tuesday and Wednesday at Sydney, Melbourne and 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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Volumes keep dropping
An overall gain was made in each local market indicator, with Sydney finishing 9¢ higher to 2061¢ and Melbourne up 11¢ to 1941¢.
In Sydney, a mix of gains and losses in fine and medium merino saw 17.5 MPG rise 9¢ to 2761¢, however 18 MPG lost 24¢ to 2626¢. 28 MPG gained 30¢ to 880¢ and cardings jumped by 35¢ to 1264¢.
Melbourne saw stronger gains, with 17 MPG up by 32¢ to 2720¢, and 18 MPG up by 17¢ to 2628¢ with a small decrease observed for 20 MPG which was down by 2¢ to 2250¢. Crossbred wool saw strong gains with 26 MPG up 30¢ to 1135¢ and 30 MPG up by 43¢ to 740¢. Lastly, cardings lost 2¢ to 1224¢.
This week in Mecardo, Andrew Woods investigates the effect of staple length on the value of merino fleece. The price of merino wool increasing this season combined with small discounts for wool with a staple length in the 60-70 mm range means that some sale sheep are carrying high value fleeces (article available here).
The week ahead….
Next week the bale offering is set to increase by 30% to 27,697 with Auctions scheduled for Tuesday and Wednesday at Sydney, Melbourne and Fremantle.
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Click on graph to expand
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.