Australian Wool Prices Soar, Including Coarse Wools
November 10, 2017
After last week’s significant market increases, where the Benchmark Eastern Market Indicator managed a 45-cent increase, the Australian Wool Market progressed even further into positive territory this week.
All types and descriptions – across the entire merino spectrum – were hotly contested, generally pushing prices up by 40 to 60 Australian cents with some finer specialty types increasing by more than 100 Australian cents. As in recent weeks, wools with favorable length and strength results were the most highly sought after, however, this sale many unfavorable test results were overlooked as buyers attempted to secure market share in a rapidly rising market.
The EMI recorded a 58-cent rise to finish the week at 1681 Australian cents, continuing its record high. The overall passed in rate was only 1.3 percent, the lowest figure since August 2015, showing grower willingness to accept the current price levels. Skirtings followed a very similar path to the fleece. Prices generally increased by 40 to 60 Australian cents for the week.
After many weeks being out performed by their finer cousins, the crossbreds managed to record higher general increases than the merino sector. The entire crossbred sector, from 25.0 all the way through to 32.0 micron enjoyed price rises of 50 to 80 Australian cents. The oddment market continued its rapid rise. A limited quantity came under intense buyer competition, all types and descriptions made significant upward movement.