After recording solid price increases in the previous series, the Australian wool market has been unable to continue to improve, recording an overall loss this series.
The national offering was 868 bales higher than the previous week, with 42,287 bales available to the trade. The overall fall was driven by losses in most merino fleece types.
The movements in the individual Micron Price Guides (MPGs) in Sydney and Melbourne ranged between +4 and 25 cents.
Small movements in the other sectors resulted in the AWEX Eastern Market Indicator (EMI) dropping by 4 cents for the series.
In a complete reversal of the trend seen at the close of Week 10, the Western region selling last recorded the largest falls of the week, the Western merino fleece MPGs closed the week between 27 and 59 cents lower.
As expected, the reduction in prices pushed the passed in rate higher, as sellers became reluctant to accept the lower levels. The passed in rate rose by 5.0 per cent (pc), with 10.1pc of the national offering failing to reach seller reserve.
When compared to the same time last year, the average passed in rate is 4.8pc lower at 9.3pc (season to date).
Due to a strengthening in the Australian dollar (the AUD gained 0.41 cents compared to the USD since the close od the previous series), when viewed in US dollar terms the market recorded an overall positive movement, albeit a marginal one.
The EMI gained 2 US cents this series, closing the week at 738 US cents.
Next week’s offering is slightly smaller and will be held in an unusual pattern to accommodate public holidays (Monday in Fremantle and Friday in Melbourne). Melbourne will sell Tuesday/Wednesday, while Sydney and Fremantle will offer Wednesday/Thursday. 40,389 bales are currently expected to be offered nationally, with Sydney holding a designated Superfine Sale.
Table showing wool prices for Week 12, 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 15 September
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
Maximise your clip with Elders
Learn about our wool offering which covers the whole production cycle.
We have a team of wool agents right across Australia ready to help you will all aspects of production, from the right breeding stock to getting best possible price.