The Australian wool market has continued with the trend experienced over last 18 months, recording minimal price movements across the selling series, resulting in a small negative movement for the week.
The benchmark AWEX Eastern Market Indicator (EMI) dropped 3 cents on the first day of selling, then dropped another 2 cents on the second. It finished the week 5 cents lower, closing at 1,137 cents.
The last 14 daily movements in the EMI have been by 10 cents or less. 13 out of the 14 have been by 5 cents or less.
Between 24 May 2023 and this week, the EMI has fluctuated between 1,086 and 1,220 cents, a range of 134 cents. Despite the flatness of the market, the clearance rate continues to be high, as most sellers are prepared to accept the prices on offer.
This week the clearance rate was 91.2per cent (pc), with just 8.8pc of wool failing to reach seller reserve. High strength wool, typically wool measuring 40 NKT and above, continues to be in decline.
In this selling series there was 27.7 pc of the fleece offering recording a strength of 40 NKT and above.
Another highly sought after wool characteristic by exporters is a low mid break in the Position of Break (POB) measurement. Wools possessing very low mid breaks often have other faults overlooked, as buyers need these lots to achieve their desired averages.
In this sale 54.4pc of merino fleece wool had a mid break of 50 or less. Season to date there has been 33.3pc of mid breaks 50 or less. This is 6.4pc lower than the corresponding sale of the previous season.
Fleece wool carrying less than 1.0pc vegetable matter is another desirable characteristic. In this series 61.4pc of the fleece offering was free of nearly free (FNF) of vegetable matter.
Next week’s offering reduces, there is expected to be 34,494 bales on offer nationally.
Table showing wool prices for Season 2024/25, Week 21
Graph showing Eastern Market Indicator (EMI) to 22 November 2024
For full details of auction sales, download the reports below.
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