Wool update - 1 September

The latest on the Australian wool market Season 24 Week 9, direct from the Elders wool team.

The Australian wool market has recorded an overall positive result in this series, the first weekly rise since Week 2 ( July 12). 

Fremantle returned to the roster this week, after not holding a sale in the previous selling series, pushing the national offering up to 44,690 bales, 5,916 more bales than the previous week. 

When selling opened in Sydney and Melbourne the market was buoyant, with a positive trend evident. 

Strong buyer interest in the good/best style merino fleece types helped to push the market upward. 

This was reflected in the individual Micron Price Guides (MPGs) for merino fleece in the East which rose by between 5 and 21 cents for the day, a 6 cent fall in the Southern 17 micron MPG and an unchanged 18.5 micron MPG in the North the only anomalies. 

Small positive movements in the other sectors resulted in a 9 cent increase in the AWEX Eastern Market Indicator (EMI) for the day. 

This was the first daily rise in the EMI in seven selling days. The EMI last rose on 11 July, where a 17 cent rise was recorded. 

Because the Western region did not suffer the falls recorded in the East last week, when the selling opened in Fremantle these falls were quickly realised. 

In stark contrast to the positive movements in the Eastern centres, the Western merino fleece MPGs lost between 26 and 64 cents for the day, while the Western Indicator dropped 38 cents. 

In the Eastern centres on the second day, the market could not maintain its upward path and by the end of the day the merino fleece types had given back much of the first day’s gains. 

The EMI dropped 5 cents for the day. The EMI closed the week 4 cents higher at 1,131 cents. 

Next week’s offering is of a similar size, 45,537 bales are expected to be offered nationally..

Table showing wool prices for Week 9, Season 24
Graph showing Eastern Market Indicator (EMI)

For full details of auction sales, download the reports below.

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