Wool market update

After the unbroken run of 11 weeks in a row of increases in the AWEX EMI (Eastern Market Indicator), the market caught its breath this week. 

After lifting a total 358 cents in that 11week period, the EMI gave a total of 48 cents back in total for the week to close at 1517 cents. This puts it around 33 per cent (pc) higher than the same week last year. 

An increased offering came forward when compared to previous weeks, with close to 40,000 bales on offer nationally. The public holiday on Monday triggered the first three day selling sequence since March across the nation. Tuesday/Wednesday sales were rostered in Melbourne and Fremantle, while Sydney sold over Wednesday/Thursday.

Volumes are now tracking close to last season with Australian offered wool (Not including New Zealand) only 1.1pc lower than the same week last season. 

With the peak and resultant drop in values across all microns and wool types, the pass in rate rose sharply to average around 20pc across Australia. West Australia had the highest at 28.8pc, with close to 36pc of merino fleece remaining unsold. New South Wales and Victoria’s rate was similar at around 16 and 18pc. 

The largest decreases were in 17 microns and finer, which had made the largest gains over the previous two weeks. The five-year 17 MPG (Micron Price Guide) percentile has now increased to 63 from as low as 40 50 in recent times, while the 19 through to 30 MPG remain at their 100th percentiles.

Merino skirtings generally eased in line with their fleece counterparts, while all crossbred MPG’s lost ground albeit in a seasonally small offering and merino oddment (carding) values were relatively stable except ex West Australia, which came back more in line with the Eastern states.