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Merino Cardings MPG unchanged
27
Apr '10
The Australian wool market finished 0.3% higher, on average, at sales in Sydney, Melbourne and Fremantle this week when the US exchange rate fell by 0.7%.

41,706 bales were on offer, compared with 51,369 bales last week. 11.8% were passed in, comprised of 7.4% in Sydney, 11.0% in Melbourne and 18.5% in Fremantle. Pass-in rates for Merino fleece and skirtings were 13.9% and 6.7%, respectively.

2,348 bales (5.3%) from the expected offering of 44,054 bales were withdrawn prior to sale and re-offered bales made up 11.8% of the final offering. 36,803 bales were cleared to the trade.

The US exchanged rate eased slightly from its high value last Thursday, while the Euro exchange rate is now above 69¢.

It was a much stronger and more settled market following on from the good finish to last Thursday's market. Overall, there moderate gains in all Merino fleece types and particularly so in the North on Wednesday, when the 17.5, 18.0 and 18.5 AWEX Micron Prices Guides (MPGs) were up by 9¢, 11¢ and 12¢ respectively. An easing of the US exchange rate from its very high position of 93.41¢ meant that the lift in the EMI was not sufficient to also cause a lift in the EMI in US currency.

After last week's softer market, skirting types had a mixed performance on Wednesday, but were generally up on Thursday. Crossbreds were a bit mixed also, finishing the week with small rises of around 0.5% in the average AWEX MPGs at the fine end, no change for 30 microns and down by 0.9% for 32 microns. Oddments tended upwards in the North and the West and downwards in the South, with the average Merino Cardings MPG unchanged for the week and up by 26% since the start of the season.

Buyers for China were again dominant, followed by buyers for Taiwan and India. There was also a stronger presence of buying for Europe this week.

Sales will be held in Sydney, Melbourne and Fremantle next week, when 42,865 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 45 and 46) are 42,765 and 40,450 bales, respectively; an increase of 2.2% over the three sale period when compared with last year.

Sales are in recess in South Africa this week.

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Australian Wool Industries Secretariat

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