The Australian wool market has recorded an overall unchanged result this week, with the series fluctuations heavily influenced by currency movement, across the three selling days.
Sales resumed after the one week Easter recess, and understandably due to the break the national quantity rose.
There was a total of 50,184 bales available to the trade, the original quantity was higher before 7.0% of the offering was withdrawn prior to sale. This was the largest since the opening sale of the calendar year.
After the Australian dollar strengthened in US dollar terms since the close of the previous sale, buyers who trade using this currency had their purchase power reduced. This was reflected in the market when it opened, resulting in general losses across the merino fleece sector.
The AWEX Eastern Market Indicator (EMI) dropped by 6 cents for the day, but when viewed in USD terms the market was dearer, the EMI adding 5 US cents.
The second day currency movement was limited, the EMI recording a 2 and 4 cent rise in AUD and USD respectively.
On the third day only Melbourne was in operation, and an overnight fall in the AUD of over 1 US cent, assisting in a dramatic turn around. Strong rises in merino fleece types, helping to push the EMI up by 4 cents.
In contrast to the opening day, when viewed in USD terms the EMI dropped by 10 cents. The EMI closed the week unchanged at 1,142 cents, while finishing one US cent lower at 744 cents.
The finer microns have been more heavily affected by the falling market this season. This is best highlighted when viewing the 17 and 21 micron MPGs in the South. The 17 micron MPG opened the season at 1,842 cents, the 21 micron at 1,247 cents, a difference of 595 cents. Currently, these two MPGs now sit at 1,690 and 1,306 cents respectively, a difference of just 384 cents.
Table showing wool prices for Season 24, Week 41
Graph showing Eastern Market Indicator (EMI)
For full details of auction sales, download the reports below.
