Large Quantities Available After Australian Recess
April 13, 2018
The Australian Wool market resumed in all three centers in Week 41 after the annual one-week Easter Recess. Although the markets were paused, the influx of wool continued, and the result was an increase in the national offering to 54,409 bales.
To date this was the largest weekly offering this season, and the largest since week 29 in January 2017. The total weekly value sold of $97.4 million, was the fourth largest weekly sold value since AWEX commenced recording auction transactions in 1996.
Despite the large increase in quantity (with 20 percent more wool available than the previous sale) the market performed very well. The Benchmark Eastern Market Indicator managed to record a modest 4-cent gain for the series to close at 1,776 Australian cents. Due to currency movements, when viewed in U.S. dollar terms the EMI recorded a more substantial 12-cent improvement.
Although the market recorded an overall positive movement there were losses felt, mainly in the lower yielding, higher vegetable matter and inferior style lots. As in recent sales, demand for wools exhibiting low mid-breaks was again extreme as buyers fought hard to secure the limited offering of these wools. These lots continue to attract continually increasing premiums to the rest of the market.
The skirting market closely mirrored the fleece, modest increases for the week with wools with less than 2.0 percent vegetable matter and those with excellent additional measurement results, posting the largest gains. The crossbred market performed with mixed results, 28.0 to 30.0 micron had excellent support and rose by 20 to 40 Australian cents. All other microns were irregular but tending 10 to 20 cents easier.
The oddment sector attracted strong buyer interest, resulting in price increases across all types and descriptions. The three carding indicators recorded an average rise of over 27 Australian cents.