The Australian wool market has recorded another overall loss in this series, influenced by falls in the merino fleece sector.
The national quantity was again relatively small, with 31,062 bales available to the trade nationally.
In the merino fleece the reductions in the individual Micron Price Guides (MPGs) ranged between 4 and 40 cents.
The benchmark AWEX Eastern Market Indicator (EMI) dropped by just 2 cents on the first selling day and then 9 cents on the second. These small movements marked nine consecutive selling days where the EMI has had only a single digit movement.
The EMI closed the week 11 cents lower at 1,087 cents. The EMI now sits just one cent above the season low.
In an all too familiar pattern, again due to currency fluctuations, when viewed in US dollar terms the market rose. The EMI added 6 US cents for the series, closing at 749 US cents.
The stagnant nature of the market can best be shown by looking at the movements in the EMI since the beginning of the calendar year. The EMI started 2024 at 1,212 cents, 125 cents lower than its current level, a drop of 10.3per cent (pc).
Calendar year to date there have been 74 selling days, across these sales the EMI has posted 59 single digit movements (plus or minus 9 cents or less). Of these 59 days, 48 times the movement in the EMI has been 5 cents or less. The average daily movement of the EMI (both positive and negative results) for the calendar year is just 5.9 cents.
Despite the flat market, clearance rates have continued to be relatively high. This series the passed in rate was 8.9pc. The season to date passed in rate is currently 8.8pc.
Next week’s offering is expected to increase.
There are currently 33,949 bales on offer in Sydney, Melbourne and Fremantle.
Table showing wool prices for Season 2024/25, Week 13
Graph showing Eastern Market Indicator (EMI)
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The information contained in this article is given for general information purposes only, current at the time of first publication, and does not constitute professional advice. The article has been independently created by a human author using some degree of creativity through consultation with various third-party sources. Third party information has been sourced from means which Elders consider to be reliable. However, Elders has not independently verified the information and cannot guarantee its accuracy. Links or references to third party sources are provided for convenience only and do not constitute endorsement of material by third parties or any associated product or service offering. While Elders has exercised reasonable care, skill and diligence in preparation of this article, many factors including environmental/seasonal factors and market conditions can impact its accuracy and currency. The information should not be relied upon under any circumstances and, to the extent permitted by law, Elders disclaim liability for any loss or damage arising out of any reliance upon the information contained in this article. If you would like to speak to someone for tailored advice specific to your circumstances relating to any of the matters referred to in this article, please contact Elders.
Read previous reports
Wool market update 20 September
Wool market update 13 September
Wool market update 6 September