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2015/16 Australian wool selling season report

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The Woolmark Company published a report on the 2015/16 wool selling season. This season saw a positive finish for Australian woolgrowers with the second highest season closing on record. In a year that saw mixed global financial stability, the Australian EMI closed 66 points higher than 12 months prior to finish the season at 1297 ac/clean kg, a level just short of this season’s peak of 1304 cents.

 

The confidence of buyers, exporters and brokers across the year saw the EMI remain relatively positive throughout the year despite some wide variances in the strength of Australian dollar.

 

A mixed year and tumultuous finish in a global financial context saw the Australian dollar close the season buying 74.39 US cents; after a year with almost a 10c variance, we saw it close with a drop of only 2.09 points from a year ago today. Remarkably, in USD terms, the EMI figure improved by 22usc compared to last year and concluded the 2015/16 wool season at 963usc/clean kg.

 

Despite the increase of 66 points over the year for the EMI in Australian dollar terms, it does not fully represent some of the brilliant individual micron performances. Strength can be seen over the past 12 months in the north/south average micron prices with ranges 16 to 23 all performing well, while the broader wools and Merino Cardings remained steady.

 

Strong performers in particular were microns of ranges 19-23 with impressive gains of over 100 ac/clean kg across the past 12 months.

 

Along with confidence from the buyers and exporters, a lower supply this year helped push the increase in wool prices over the past year. An 8.6% drop in total wool offered saw a change of 19.4 million kilograms clean less than the previous season (2014/15) so we finished the year at 205.3 million kg clean sold. With global supply trending lower, the push for increasing prices is predicted to continue in the coming season.

 

The 5.4% increase in the EMI over the past year should breathe strength into the wool industry. The recent stability shown over the past week after the UK Brexit vote was in stark contrast to other global markets. Global commodity, stock and foreign exchange markets felt the pressure of the Brexit and went into turmoil; however, commodities bounced back well, particularly wool, cotton and oil.

 

The strength of demand and resulting prices for all Merino Fleece types in the final week of sale amidst the global financial turmoil has been quite a feature of the wool market.

 

A stable Australian dollar, strong buyer confidence and lower wool supply should see a 2016/17 season start with continued strong prices for many woolgrowers the report states.

Source: AWI

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