Wool update - 8 September

The latest on the Australian wool market Season 24 Week 10, direct from the Elders wool team.

The Australian wool market has fallen again in this week, albeit a small reduction and there were strong positive movements experienced late in the series. 

The market opened weakly and by the end of the first day merino fleece types had suffered further falls. 

The individual Micron Price Guides (MPGs) across the country dropped by between 4 and 59 cents, 19.5 micron in the North the only MPG to not fall. 

The AWEX Eastern Market Indicator (EMI) lost 13 cents for the day, only a buoyant crossbred market (where gains in the MPGs of up 24 cents were recorded) preventing a larger fall.  The EMI fell to 1,118 cents, its lowest point since October 2020, when it was one cent lower. 

The second selling day buyer sentiment dramatically improved and the market in turn started to rise. 

In the East the MPGs for 17 micron and coarser closed between 2 and 30 cents higher. The crossbreds again had a positive day helping to push the EMI up by 9 cents. The EMI closed the week at 1,127 cents, 4 cents lower than last week’s close. As mentioned earlier, the market finished the series in a very strong fashion. 

The Western region selling last, attracted very spirited bidding from the opening lot, pushing prices continually higher. The Western MPGs closed the day between 31 and 54 cents above the previous day. 

The increases pushed all the Western MPGs above those of the Eastern centres, setting a positive precedent for next week’s opening. 

The EMI closed the 2022 calendar year at 1,327 cents, to this point in the 2023 calendar year the EMI has lost exactly 200 cents, a drop of 15.1%. Compared to the corresponding sale of the previous season the EMI is 192 cents lower, a 14.6% reduction. 

Next week’s offering is of a similar size, 43,882 bales are expected to be offered nationally.

Table showing wool prices for Week 10, Season 24
Graph showing Eastern Market Indicator 8 September 2023 Graph showing Eastern Market Indicator (EMI)

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

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