Wool market update - 1 February



The latest on the Australian wool market Season 24 Week 31 direct from the Elders wool team.

The Australian wool market has recorded an overall reduction this week, the third consecutive negative series. The softer market has done little to encourage sellers, the national quantity also reduced for the third consecutive time.

This sale there was just 32,899 bales offered, 4,858 bales less than the previous week. From the opening, although buyer demand was there, the prices they were prepared to pay were noticeably below those on offer at the close of the previous week’s auction.

By the close of the first day the individual Micron Price Guides (MPGs) for merino fleece had fallen by between 1 and 63 cents, only the 20 MPG in the West posting an increase (+1 cent). The AWEX Eastern Market Indicator (EMI) fell by 12 cents.

The second selling day the market settled to a fair degree, with many pockets recording increases. The MPG movements for 17.0 micron and coarser ranged between +20 and 8 cents. Strong demand on wool 20.0 micron and coarser pushing these MPGs higher. The EMI dropped 3 cents for the day.

The EMI has not had a daily gain since the opening sale of the calendar year (10 January), in the eight selling days since the EMI has dropped by 46 cents, a fall of 3.8%.

The skirting market tracked the fleece, general losses of between 20 and 30 cents were recorded. The broader crossbred wool (28.0 micron and coarser) performed solidly with the MPGs ranging from unchanged to +5 cents. The oddments were the other highlight, the only sector to record an overall positive result.

Strong demand helped to push the three Merino Carding (MC) indicators up by an average of over 8 cents. The run of smaller sales is forecast to end. There is expected to be 11,369 more bales available next week. There are currently 44,268 bales rostered for sale nationally.

 

Table showing wool prices for Season 24, Week 31
Graph showing Eastern Market Indicator (EMI)

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

Read previous report

Wool market update - 24 January

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