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Crossbreds performs better than Merino
Feb '10
AWIS Wool Market Review - The Australian wool market finished 0.3% lower, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate fell by a further 2.3%.

48,858 bales were on offer, compared with 48,183 bales last week, of which 9.8% were passed in, comprised of 5.1% in Sydney, 7.3% in Melbourne and 19.6% in Fremantle. Pass-in rates for Merino fleece and skirtings were 13.4% and 4.1%, respectively. 869 bales (1.7%) from the expected offering of 49,727 bales were withdrawn prior to sale and re-offered bales made up 10.3% of the final offering. 44,078 bales were cleared to the trade.

The fall in exchange rates this week was largely a consequence of the Reserve Bank leaving official interest rates unchanged on Tuesday, a move which surprised most analysts and economists.

It was another sale in which the movements in the market on the first day were reversed on the second day. The market began with a good start following on from the better finish on Thursday of last week, only to give back the gains on Thursday. Merino fleece types were most affected, with their pass-in rate rising from 7.8% on Wednesday to 18.0% on Thursday. The easing in Fremantle was less than in the East.

The results for Merino skirtings types were once again generally less affected than those for Merino fleece types. Crossbreds did better than Merinos, with the average AWEX MPGs for 28 and 32 microns moving up slightly and others down by a small amount. Oddments defied the downward trend in fleece wools in another strong week and moved up on both days. The average AWEX Merino Cardings MPG rose by 15¢ (+2.3%) for the week and is up 31.3% since the start of the season.

Buyers for China were again dominant, followed by buyers for India and for Europe and Taiwan.

Sales will be held in Sydney, Melbourne / Launceston and Fremantle next week, when 48,592 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 34 and 35) are 49,310 and 47,700 bales, respectively; a decrease of 3.0% over the three sale period when compared with last year.

The joint centre sale in the South will be held in Melbourne on Tuesday / Wednesday and in Launceston on Friday.

In South African sales, the Cape Wools Indicator was down by 0.6% since last week against a 2.2% appreciation of the Rand against the US Dollar and a 2.8% appreciation against the Euro. 8,115 bales were on offer.

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Australian Wool Industries Secretariat

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