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Wool market unchanged
03
Jul '09
The Australian wool market was unchanged, on average, at the first sales for 2009/10 in Sydney, Melbourne and Fremantle this week.

The AWEX EMI fell by 2¢ (-0.3%), ending the week at 775¢/kg. This reflected an unchanged Indicator in the North and a decrease of 3¢ (-0.4%) in the South, with their corresponding Regional Indicators finishing the week at 798¢ and 758¢ clean, respectively. The Western Indicator rose by 3¢ (+0.4%), finishing the week at 772¢.

In a two day sale in Sydney and a one day sale in Melbourne, the AWEX EMI fell by 5¢ on Wednesday and rose by 3¢ on Thursday. The Western Indicator fell by 4¢ on Wednesday and rose by 7¢ on Thursday in a two day sale in Fremantle.

33,476 bales were on offer, compared with 33,208 bales at the last sale, of which 12.5% were passed in, comprised of 6.4% in Sydney, 16.3% in Melbourne and 14.7% in Fremantle. Pass-in rates for Merino fleece and skirtings were 15.2% and 8.4%, respectively. 2,613 bales (7.2%) from the expected offering of 36,089 bales were withdrawn prior to sale and re-offered bales made up 15.2% of the final offering. 29,295 bales were cleared to the trade.

The US exchange rate (source RBA) was 0.11¢ higher on Monday when compared with Thursday of the last sale. It was then up by a further 1.09¢ on Tuesday, down by 0.77¢ on Wednesday and up by 0.03¢ on Thursday to close at 80.40¢, up 0.46¢ (+0.6%) since the last sale. The exchange rate against the Euro fell by 0.29 Euro cents (-0.5%) to close at 56.97 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI moved up by 2¢ (+0.3%) in US terms and was down by 3¢ (-0.7%) in Euro terms when compared with the previous sale.

The sale had a mixed start, with the finer micron wools being unchanged or slightly up and the medium and broad micron types down on the first day of selling. A stronger market on Thursday saw gains across all Merino Micron ranges and types. Changes in the Average AWEX Micron Price Guides (MPGs) for Merino wools varied from -0.1% (23.0 microns) to +1.8% (19.0 microns) with the greatest upwards movements from 18.0 to 19.5 microns and 24.0 microns.

Average MPGs were up by 7¢ clean for 16.5 microns, by 2¢ for 17.0 microns, by 6¢ for 17.5 microns, by 10¢ for 18.0 microns, by 9¢ for 18.5 microns, by 17¢ for 19.0 microns and by 13¢ for 19.5 microns. The 20.0 micron wool average MPG was unchanged, 21.0 microns was up by 2¢, 22.0 microns was unchanged, 23.0 microns was down by 1¢, and 24.0 microns was up by 13¢.

Skirting types finished on a good note after a good start in the North and the West on Wednesday and a slightly easier start in the South. Crossbreds average MPGs move down by 4 to 5¢ apart from the 28 micron average MPG which was up by 3¢ and the 32 micron average MPG which was unchanged. Demand was generally good for Oddments, with the AWEX Merino Cardings average MPG up by 4¢ (0.8%).

Buyers for China were dominantfollowed by those buying for India with some better support from Europe again this week. Sales will be held in Sydney, Melbourne and Fremantle next week in the last sale before the three week mid-year break. 42,086 bales are currently rostered for sale, a 7.0% decrease when compared with the same sale last year. No estimates are available yet for the first sale after the break. Sales are in recess in South Africa.

AWTA sampling and test data released on Tuesday showed that the weight of wool tested in 2008/09 was 9.4% less than in the previous season. The current production forecast of 355 mkg is 11.3% below 2007/08.

Australian Wool Industries Secretariat Inc

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