Despite many industry observers predicting a dearer market, due to a weakening of the Australian dollar (AUD) compared to the US dollar (USD), the Australian wool market has recorded another small overall loss this series.
This is the third consecutive week where this has occurred.
When the market opened, it was immediately apparent that the lower AUD was not going to have the expected impact on prices. Instead losses were generally recorded, with wool 18.5 micron and finer most affected.
Across the country the merino fleece Micron Price Guides (MPGs) movements ranged between plus two and minus 33 cents.
The AWEX Eastern Market Indicator (EMI) dropped by 3 cents for the day, small rises in the crossbred sector preventing a larger fall.
The second day of selling was very similar to the first. The merino fleece MPG movements ranged between plus 2 and minus 21 cents.
The EMI fell by another 3 cents, with small general increases in the crossbred sector again preventing a larger fall. This 3 cent drop in the EMI was the sixth consecutive daily fall in the EMI, although no fall has been larger than 4 cents. The EMI dropped 6 cents for the week, closing at 1,125 cents.
Since the close of the previous series the AUD has dropped sharply compared to the USD, currently trading at 65.42 US cents, a fall of 1.34 cents. Due to this fall, when viewed in USD terms, the fall in the EMI was greater.
The EMI fell by 19 US cents for the week, closing at 736 cents, a reduction of 2.5per cent. This was the largest weekly fall in USD terms in the EMI since January.
Next week holds an unusual selling pattern, Sydney and Fremantle will sell on Tuesday and Wednesday, while Melbourne will sell Wednesday and Thursday to accommodate a Tuesday Public Holiday.
There are currently 37,991 bales rostered nationally.
Table showing wool prices for Season 2024/25, Week 18
Graph showing Eastern Market Indicator (EMI)
For full details of auction sales, download the reports below.
Disclaimer – important, please read:
The information contained in this article is given for general information purposes only, current at the time of first publication, and does not constitute professional advice. The article has been independently created by a human author using some degree of creativity through consultation with various third-party sources. Third party information has been sourced from means which Elders consider to be reliable. However, Elders has not independently verified the information and cannot guarantee its accuracy. Links or references to third party sources are provided for convenience only and do not constitute endorsement of material by third parties or any associated product or service offering. While Elders has exercised reasonable care, skill and diligence in preparation of this article, many factors including environmental/seasonal factors and market conditions can impact its accuracy and currency. The information should not be relied upon under any circumstances and, to the extent permitted by law, Elders disclaim liability for any loss or damage arising out of any reliance upon the information contained in this article. If you would like to speak to someone for tailored advice specific to your circumstances relating to any of the matters referred to in this article, please contact Elders.