The Australian wool market has continued to track upward in Week 19. The price rises experienced in the previous week encouraged more sellers to the market, pushing the national quantity up to 37,381 bales. Despite the increased offering, compared to this time last year there has been 89,408 less bales offered for sale, a reduction of 16.1%.
From the opening lots in the Eastern markets it was again immediately apparent that price rises were the order of the day, as strong widespread competition helped push price levels slowly but noticeably higher. As the Northern region did not sell on the second selling day of last week, they missed out on the gains recorded on that day. As a result, Sydney posted the largest gains on the first day of this series. The Northern Micron Price Guides (MPGs) added 50 to 72 cents for the day. The large rises in the North helped to push the AWEX Eastern Market Indicator (EMI) up by a healthy 49 cents. The second day of selling saw a steadying of the market. The individual MPGs in the East recorded very little change, this was reflected in the EMI which remained unchanged. The EMI finished the week 49 cents up, closing the week at 1,594 cents. Worth noting, toward the end of the second selling day the market started to soften, so much so that the MPGs in the Fremantle region selling last, dropped by 10 to 22 cents.
After being the poorest performing sector over the past month, the crossbreds this week recorded the largest increases. Strong buyer interest pushed prices up by 35 to 70 cents. The oddments also posted large rises, a 50 to 100 cent increase in locks, stains and crutchings helped push the three regional carding indicators up by an average of 65 cents.
There is a similar quantity available next week, with 36,497 bales on offer in Sydney, Melbourne and Fremantle.