The Australian wool market has continued to climb slowly, recording another small overall increase in this series, with upward market movements recorded on both selling days.
33,633 bales were on offer this week.
The national offering continues to trend lower. Season to date, there have been 575,656 bales offered through auction. This is 133,896 fewer bales than the previous season, a drop of 18.9 per cent. At this point, this is the smallest season to date offering since the 2020/21 season, when, at the corresponding week sale just 526,889 bales had been offered.
The market performed strongly on the opening day. Across the country the Micron Price Guides (MPGs) for merino fleece for 17.0 micron and coarser increased by between 9 and 28 cents. The benchmark AWEX Eastern Market Indicator (EMI) rose by 9 cents for the day.
On the second day the market recorded minimal change. The merino fleece MPG movements in the south and the west ranged between plus 2 and minus 3 cents. In the north the movement were larger, between plus 26 and minus 9 cents.
The EMI added another cent, closing at 1,142 cents.
The crossbreds have been the strongest performing sector over the previous few months. The 28.0 micron MPG in particular, which has risen for six of the last seven selling series. So much so, that the 28.0 micron MPG in the south is now at its highest point since 14 July 2022.
With a smaller season to date offering and minimal price movements, the total dollar value of wool sold this season is well down. For the 2024/24 season there has been a total of $702 million worth of wool sold through the auction system. This is $158 million less than the 2023/24 season, a fall of 18.4 per cent.
Next week’s offering is forecast to increase. There is expected to be 39,616 bales on offer in Sydney, Melbourne and Fremantle.
Table showing wool prices for Season 2024/25, Week 20
Graph showing Eastern Market Indicator (EMI) to 15 November 2024
For full details of auction sales, download the reports below.
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