The Australian wool market has been unable to maintain the upward trend of the previous week, recording a small overall loss in this selling series.
The higher prices on offer in the previous series, encouraged more sellers to the market, bolstering the national offering. There were originally 50,965 bales available to the trade, but 2.5 per cent (pc) were withdrawn prior to sale, leaving a final offering of 49,692 bales.
This was the largest national offering of the current season (by over 7,000 bales) and the largest since Week 41 last season (11 April 2024), when there were 50,148 bales offered. Of the nearly 50,000 bales, 46,004 bales were sold, with 7.4 pc of the offering failing to reach seller reserve.
The movements in the individual Micron Price Guides (MPGs) for merino fleece across the country ranged between plus 7 and minus 34 cents, with the largest falls felt on the opening day. The benchmark AWEX Eastern Market Indicator (EMI) dropped 4 cents on the first day.
On the second day the market settled resulting in a generally unchanged market. This was reflected in the EMI which was finished the day unchanged. The EMI ended the week 4 cents lower, closing at 1,186 cents.
In what is an all too common occurrence, the market movements were again heavily influenced by currency.
A strengthening of the Australian dollar compared to the US dollar since the close of the last selling series (the AUD gained 0.75 cents compared to the USD), meant that when viewed in USD terms the market conditions were more positive.
The EMI gained 6 US cents for the series, closing the week at 743 US cents.
Next week’s national offering is forecast to reduce significantly. There are currently 34,565 bales expected to be offered in Sydney, Melbourne and Fremantle.
Sales will be held in the unusual selling pattern of Tuesday and Thursday.
Table showing wool prices for Season 2024/25, Week 30
Graph showing Eastern Market Indicator (EMI) to 24 January 2025
For full details of auction sales, download the reports below.
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