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Weekly commentary on the wool market from AWI trade specialists.
Australian wool auction sales sold under a rather mundane atmosphere this week. Market results were directly opposed by wool type as the long wool Merino sector remained very well sought and appreciated by a few cents generally, while all carding and crossbred descriptions failed to hit last week’s quotes and fell away in price somewhat. In general, Merino types were anything from unchanged to 15ac dearer, crossbreds 10 to 30ac lower and cardings recorded a 15ac loss.
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The good start to the 2019 year continued at this weeks’ Australian wool auction sales, with fine crossbred wools the recipients of the best price gains. Large volumes of drought affected super fine (<18.5u) Merino wools somewhat hampered the upward progress of that category and prices came off the boil there. Their broader counterparts of 19 to 22 micron Merino spent the week in consolidation mode as these descriptions tried to more closely align the values between the selling centres of similar wool brackets.
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Following a three week break in sales for Christmas, Australian wool auction sales resumed this week, and prices across the board advanced significantly. A wildly erratic but cheapening Australian Dollar (AUD) against all major trading currencies through the course of the recess had buyers eager to accumulate quantity from the outset of selling. Widespread and similar opinions of a dearer wool market were commonplace pre-sale as buyers returned to the show floors. By weeks end, this was exactly what had eventuated.
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A generally strong conclusion to the 2018 year eventuated at this week’s Australian wool auctions. Merino wool of all de-scriptions was highly sought, crossbreds regained some confidence following the erratic past three weeks, whilst cardings are seemingly out of favour once more as the price recovery of recent months seems to have pushed the price up and too far away from manufacturer’s target pricing.
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A tale of two markets this week as the sale results were entirely opposing between the wool breed types at this week’s Australian wool auctions. Merino wool of all descriptions was highly sought, whereas the crossbred sector fell away significantly as the extraordinary gains of last week were outdone by the remarkably large losses of this week. The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) closed 11ac or 0.6% lower to 1849ac clean/kg, but a more substantial loss of 1.8% or 24usc were measured in the USD EMI to 1336usc clean/kg. This is somewhat misleading though as the AUD dropped radically (more than 1%) after most of the wool sales had concluded.
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