The Australian wool market has continued with the trend experienced over last 18 months, recording minimal price movements across the selling series, resulting in a small negative movement for the week.
The benchmark AWEX Eastern Market Indicator (EMI) dropped 3 cents on the first day of selling, then dropped another 2 cents on the second. It finished the week 5 cents lower, closing at 1,137 cents.
The last 14 daily movements in the EMI have been by 10 cents or less. 13 out of the 14 have been by 5 cents or less.
Between 24 May 2023 and this week, the EMI has fluctuated between 1,086 and 1,220 cents, a range of 134 cents. Despite the flatness of the market, the clearance rate continues to be high, as most sellers are prepared to accept the prices on offer.
This week the clearance rate was 91.2per cent (pc), with just 8.8pc of wool failing to reach seller reserve. High strength wool, typically wool measuring 40 NKT and above, continues to be in decline.
In this selling series there was 27.7 pc of the fleece offering recording a strength of 40 NKT and above.
Another highly sought after wool characteristic by exporters is a low mid break in the Position of Break (POB) measurement. Wools possessing very low mid breaks often have other faults overlooked, as buyers need these lots to achieve their desired averages.
In this sale 54.4pc of merino fleece wool had a mid break of 50 or less. Season to date there has been 33.3pc of mid breaks 50 or less. This is 6.4pc lower than the corresponding sale of the previous season.
Fleece wool carrying less than 1.0pc vegetable matter is another desirable characteristic. In this series 61.4pc of the fleece offering was free of nearly free (FNF) of vegetable matter.
Next week’s offering reduces, there is expected to be 34,494 bales on offer nationally.
Table showing wool prices for Season 2024/25, Week 21
Graph showing Eastern Market Indicator (EMI) to 22 November 2024
For full details of auction sales, download the reports below.
Disclaimer – important, please read:
The information contained in this article is given for general information purposes only, current at the time of first publication, and does not constitute professional advice. The article has been independently created by a human author using some degree of creativity through consultation with various third-party sources. Third party information has been sourced from means which Elders consider to be reliable. However, Elders has not independently verified the information and cannot guarantee its accuracy. Links or references to third party sources are provided for convenience only and do not constitute endorsement of material by third parties or any associated product or service offering. While Elders has exercised reasonable care, skill and diligence in preparation of this article, many factors including environmental/seasonal factors and market conditions can impact its accuracy and currency. The information should not be relied upon under any circumstances and, to the extent permitted by law, Elders disclaim liability for any loss or damage arising out of any reliance upon the information contained in this article. If you would like to speak to someone for tailored advice specific to your circumstances relating to any of the matters referred to in this article, please contact Elders.
Read previous reports
Wool market update 15 November
Wool market update 8 November
Wool market update 1 November