NSW Cooma Rural Cooma Sheep

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.

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Data sources: Nutrien Ag Solutions, AWEX, Mecardo

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