The Australian wool market has recorded a solid increase in this series, with all sectors recording either increased or unchanged levels when compared to the previous selling series.
The national offering dipped slightly to 41,419 bales. The total national offering continues to track below that of the previous season.
There have been 342,600 bales offered to date in the 2023/24 season, this is 9,561 bales or 2.7per cent (pc) less than the previous season.
The strong finish to last week’s selling in the Western region, where large increases were recorded across all merino fleece types, transferred into this week’s opening, where these increases were quickly realised. By the close of the first day, the individual merino fleece Micron Price Guides (MPGs) across the country had risen by between 3 and 31 cents, the 17 micron MPG in the North the only MPG to resist the upward trend.
With all other sectors either maintaining or increasing levels, the AWEX Eastern Market Indicator (EMI) posted a 15 cent rise, this was the largest daily rise since July.
The second selling day prices consolidated, opening at very similar levels to the previous day, then slowly strengthening as the day progressed. By the end of the second day the movements in merino fleece MPGs ranged between 0 (unchanged) and plus 14 cents, no MPGs recorded falls for the day.
The EMI added 21 cents for the week, the largest weekly rise in the EMI since Week 1 (5th of July), when the EMI opened the season with a 36 cent increase.
After falling to its lowest point (1,118 cents) since October 2020 in the previous series, the EMI has now risen for three consecutive selling days, adding 30 cents across these sales, a 2.7pc increase.
Next week’s offering is of a similar size, 42,887 bales are currently expected to be offered in Sydney, Melbourne and Fremantle.
Table showing wool prices for Week 11, Season 24
Graph showing Eastern Market Indicator (EMI)
For full details of auction sales, download the reports below.
Read previous wool reports
Wool market update 8 September
Wool market update 1 September
Wool market update 25 August
Wool market update 18 August
Wool market update 11 August
Wool market update 13 July
Wool market update 7 July
Wool market update 29 June
Wool market update 22 June
Wool market update 16 June
Wool market update 8 June
Wool market update 2 June
Wool market update 26 May
Wool market update 19 May
Wool market update 12 May
Wool market update 28 April
Wool market update 6 April
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