After recording healthy gains during the previous week’s series, the Australian wool market could not maintain the upward trajectory, recording losses in Week 49. As only Sydney and Melbourne were in operation, the national offering was just 21,787 bales, this was the lowest weekly quantity since June 2018. The small offering may have had a negative impact, as some exporters were not confident of filling orders, with such a limited selection available. This meant that some buyers were not as active, as they would have been when a larger quantity is available.
The limited number of good style wools with favourable additional measurements were highly sought after, these wools recorded minimal change for the series. Lesser style lots and those carrying poor additional measurements lost ground, generally 30 to 50 cents.
These losses pushed the individual Micron Price Guides (MPGs) down by 20 to 40 cents. The AWEX Eastern Market Indicator (EMI) lost 23 cents for the series, closing the week at 1,864 cents. The EMI has now fallen for four out of the previous five weeks, losing a total of 96 cents since Week 44.
Due to currency movement the losses when viewed in USD were not as severe, the EMI lost only 7 USc. The crossbred sector also tracked downward but not as steeply as the merinos; prices generally fell by 5 to 10 cents.
30.0 micron however managed a small increase for the week, the only quoted MPG to record positive movement for the series. The cardings lost further ground this week. The three carding indicators have now fallen by an average of 571 cents, from the record highs set in September last year.
Sales resume in Fremantle next week after a one-week recess, this has helped to push the national quantity up to 29,989 bales, with selling in all three centres.