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AWI Australian Weekly Wool Market Report

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Following a few weeks of uncertainty and mixed sentiment, the Australian auction market this week finally relented to a weakening price versus demand scenario. Prices for all types and descriptions across the Merino offering faltered somewhat and falls of varying degrees occurred. By and large the crossbred and carding sectors bucked the trend and stayed relatively firm around the established basis.

The AWEX EMI (eastern market indicator) decreased by around 1.8% for the week or 27ac/clean kg to close the week at 1495ac/ clean kg. The stronger AUD v USD led to a smaller fall of 12usc/ clean kg to 1123usc/clean kg when the EMI is measured in US dollars. The selling week results went largely to the pre sale expectations of buyers and exporters.

A sudden lack of interest from many of the larger overseas users had buyers on the back foot and reticent to continue their buy then sell approach to trading. As sales commenced the atmosphere was rather subdued, with coverage of previously sold forward orders seemingly the dominant reason for buying. Buyers were extremely selective throughout the sale week, resulting in some lots being well below their reserve. As such the week saw growers resisting the lower levels and over 15% of the wool on offer for the week was passed in.

The selection and type of Merino wool is still being dominated by the generally heavier VM (vegetable matter) levels, although some of the earlier shorn clips from the eastern states are showing a return to more normal VM levels fleece wools carrying less than 1%. These wools were receiving much better competition and prices were much less affected.

For specific Merino types, those wools of 19.5 micron and finer were the hardest hit and some reductions of over 100ac/clean kg were recorded. Falls were reported within the range of 50 to of 80ac/clean kg. The 19.5 to 22 micron descriptions held on rather well in comparison to their finer counterparts and losses were limited to a general 15 to 25ac/clean kg. Some LB and B fault (1.5 to 4.5% vm) types were actually solid to just slightly off in price.

All merino skirtings stepped down pricewise in line with the fleece In stark contrast to the Merino segment of the market, crossbred types met with good competition and despite the stronger AUD, managed to stay on or about their existing price levels. Again the same with the cardings sector as prices held then strengthened as the season-long strong demand continues. Next week has an offering of just 30,000 bales. Volumes are diminishing but so apparently are the are fresh sales required from overseas.

Source: AWI

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