Australian Market Sees More Corrections
March 30, 2018
Week 39 of the Australian wool market season hosted a feature sale at the Sydney Royal Easter show, showcasing the open cry auction system to an interested public. It coincided with a superfine sale which included a 1PP specialty type of 11.7 micron that attracted a bid of 25,000 cents – the highest greasy price achieved since 2015.
The upward market movement experienced during the previous selling week was short lived as this sale saw the market revert to price corrections. Prices across the entire merino spectrum were affected, resulting in general reductions of 20 to 30 Australian cents for the week. The only exception was a limited quantity of 22.0 micron and coarser that managed small increases.
The limited number of wools with low mid breaks enjoyed intense competition. By the end of the sale the Benchmark Eastern Market Indicator fell by 6 cents, closing the week at 1,772 Australian cents. The skirting market performed slightly better than the fleece as prices were generally reduced by 10 to 20 Australian cents.
The crossbreds managed another week of increases, all types and descriptions added 10 to 20 Australian cents. The oddment market also managed to record price rises. Locks, stains and crutchings generally sold at levels 10 to 30 Australian cents above those achieved at the previous sale. The annual Easter recess occurs next week.