Australian Market Returns to High Fine Wool Prices
January 12, 2018
Week 28 on the Australian Wool selling calendar was the first sale of 2018 and the first sale for three weeks due to the annual Christmas recess. The break resulted in 53,517 bales being offered to the trade.
The 2017 calendar year was a year full of records as the benchmark Eastern Market Indicator finished on its highest recorded level, as did the majority of the individual Micron Price Guides. The market began the New Year with more record-breaking activity.
Prices generally rose by 50 to 100 Australian cents with all types and descriptions across the entire merino spectrum enjoying similar rises as buyers fought hard to secure market share in the rapidly rising market. The EMI added a further 58 Australian cents to the current high, pushing it to a new record level of 1,818 Australian cents.
Growers were quick to get their wool to market and keen to accept the current prices. This has been reflected in another high clearance rate as more than 98 percent of fleece wool was sold to the trade. Many growers have taken the opportunity to come and see their wool sold, resulting in packed spectator galleries across the country.
In more good news for American wool producers, the exchange rate has improved by 5.5 percent since this time in 2017.