Last week's positive move continued with the market posting gains across all MPG’s, with the exception of 16.5 MPG in Melbourne which eased slightly. This came despite Fremantle re-joining the fold and bale offering increasing by around 5,000.
The Eastern Market
Indicator (EMI) lifted 28¢ to 1170¢, while 10 US¢ was added to take the indicator
expressed in US$ to 778¢. The West also followed suit in a positive market,
gaining 30¢ to 1299¢.
AWEX report
sentiment was positive from the opening, lifting the EMI 12¢ on the first day,
and while more sedated on the final day, gains continued.
Sellers responded
positively to the stronger market with the pass-in rate for the week falling to
3.5% which saw 30,875 bales sold. This was 5,000 bales up on last week, however
still below the average of 38,278 for the current season.
Stylish low VM types
are becoming more difficult to find and this was reflected in the auction
reports, with buyers favouring these lots. The 16.5 MPG category was the only index
to lose ground, reflecting less demand for the lower yield and higher VM wools
in this section.
Crossbred types were
also in an uplift mood, with a stand-out effort from the 28 MPG lifting 18¢.
Cardings posted
gains in all centres, Melbourne +17¢, Sydney +5¢ and Fremantle up 2¢.
Volumes typically
decline into the winter, however January to May this year bales offered for
auction were almost 11% down on 2023, causing buyers difficulty in filling
orders especially those requiring better style wool.
With Fremantle again
pausing sales next week due to low receivals, next week’s smaller offering of
28,000 bales should see this week’s momentum at least hold.
Next week
A smaller offering is rostered, with Fremantle again out of the action and Melbourne & Sydney selling on Tuesday & Wednesday only.
With uncertainty about the size of the Western Australian sheep flock and the consequent wool clip due to drought and live export policy, Mecardo thought
Last week’s positive move continued with the market posting gains across all MPG’s, with the exception of 16.5 MPG in Melbourne which eased slightly. This
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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.
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Wool warms to Winter
The Eastern Market Indicator (EMI) lifted 28¢ to 1170¢, while 10 US¢ was added to take the indicator expressed in US$ to 778¢. The West also followed suit in a positive market, gaining 30¢ to 1299¢.
AWEX report sentiment was positive from the opening, lifting the EMI 12¢ on the first day, and while more sedated on the final day, gains continued.
Sellers responded positively to the stronger market with the pass-in rate for the week falling to 3.5% which saw 30,875 bales sold. This was 5,000 bales up on last week, however still below the average of 38,278 for the current season.
Stylish low VM types are becoming more difficult to find and this was reflected in the auction reports, with buyers favouring these lots. The 16.5 MPG category was the only index to lose ground, reflecting less demand for the lower yield and higher VM wools in this section.
Crossbred types were also in an uplift mood, with a stand-out effort from the 28 MPG lifting 18¢.
Cardings posted gains in all centres, Melbourne +17¢, Sydney +5¢ and Fremantle up 2¢.
Volumes typically decline into the winter, however January to May this year bales offered for auction were almost 11% down on 2023, causing buyers difficulty in filling orders especially those requiring better style wool.
With Fremantle again pausing sales next week due to low receivals, next week’s smaller offering of 28,000 bales should see this week’s momentum at least hold.
Next week
A smaller offering is rostered, with Fremantle again out of the action and Melbourne & Sydney selling on Tuesday & Wednesday only.
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Click on graph to expand
Click on graph to expand
Click on graph to expand
Data sources: Nutrien Ag Solutions, AWEX, Mecardo
Categories
Have any questions or comments?
Small offering, small interest
As the 2023/24 season approaches the finish line, the recent momentum of pricing has fallen short as the majority of fine and medium micron price
West Australian Wool Clip
With uncertainty about the size of the Western Australian sheep flock and the consequent wool clip due to drought and live export policy, Mecardo thought
Wool warms to Winter
Last week’s positive move continued with the market posting gains across all MPG’s, with the exception of 16.5 MPG in Melbourne which eased slightly. This
Little lots lead to bigger wins
All the wool market action took place in the east this week, with no sales taking place in Fremantle. The small 2 day sale with
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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.
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.
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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.