The Australian wool market has recorded an overall increase in this series, driven by solid price rises in the merino fleece sector, across both selling days.
By the end of the opening day the individual Merino Price Guides (MPGs) across the country had risen by between 2 and 24 cents. The only exceptions were the 18.5 and 19.5 micron MPGs in the north which remained unchanged.
The benchmark AWEX Eastern Market Indicator added 3 cents for the day, climbing to 1,140 cents. An overall softening in the crossbred sector preventing a larger rise.
The first day price rises could be largely attributed to currency movements. On Tuesday the Australian dollar (AUD) dropped to 64.33 cents, its lowest level since August. As a result of this weakening of the AUD, when viewed in US dollar (USD) terms the market fell. The EMI dropped by 3 US cents for the day, falling to 740 US cents.
The second day of selling the market recorded another overall rise, again mainly due to solid increases across most of the published merino fleece MPGs.
With only the northern and southern regions in operation, the movements in the MPGs ranged between minus 4 and plus 48 cents. Only the 18.5 micron and coarser MPGs in the north not recording increases. The EMI added another 4 cents, closing the week 7 cents higher at 1,144 cents.
In a similar pattern to the first day, a weaker crossbred market again prevented a larger rise in the EMI. The EMI is now trading at its highest point since the end of June and the highest it has been for the 2024/25 selling season.
The stronger market has encouraged more sellers to the market, pushing next week’s offering above the previously forecast figure.
There is expected to be 39,580 bales on offer nationally.
If this quantity is realised it will be the largest sale since October.
Table showing wool prices for Season 2024/25, Week 22
Graph showing Eastern Market Indicator (EMI) to 29 November 2024
For full details of auction sales, download the reports below.
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