Australian Wool Market Tops 1,900 Mark
The Australian Wool Market continued its rapid upward climb unabated in Week 46. Across the country, 36,398 bales were offered to the trade. Due to seasonal conditions, a large percentage of the offering was again made up of lesser-style, lower-yielding wool. Despite the overall quality of the wool on offer, buyer demand continued to be intense.
That demand pushed prices steeply upward for the second consecutive week. All types and descriptions generally sold at levels 50 to 90 Australian cents above those achieved at the previous sale. Wools 20.0 micron and coarser enjoyed the largest gains. The Benchmark Eastern Market Indicator nearly matched the 55-cent increase it achieved last week, adding another 52 cents to its all-time high.
The EMI continued to push into unchartered territory as it broke through the 1,900 barrier for the first time, closing the week at 1,943 Australian cents. The EMI has now risen 167 cents in the previous five sales. Also worth noting, the market movement was not heavily influenced by currency fluctuation. When viewed in U.S. dollar terms, the EMI rose by 49 cents – only 3 cents difference from the Australian dollar basis.
The individual Micron Price Guides for 18.0 through 22.0 micron in all three centers are also sitting at all-time highs. The skirting market tracked a similar path to the fleece as prices generally rose by 40 to 80 cents. The finer crossbreds also recorded gains, pushing the MPG for 26.0 and 28.0 to new highs.
Crossbreds coarser than 30.0 micron were irregular. A limited supply of oddments has again come under intense buyer scrutiny, resulting in prices generally rising by 20 to 40 Australian cents. This was reflected in the three Merino Carding Indicators rising by an average of 22 cents.