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Wool market finishes 0.3% lower
Aug '10
The Australian wool market finished 0.3% lower, on average, at the first sales after the mid-year break in Sydney, Melbourne and Fremantle this week. The US exchange rate rose by 2% over the three week break.

47,187 bales were on offer, compared with 39,700 bales at the last sale. 13.3% were passed in, comprised of 8.7% in Sydney, 13.7% in Melbourne and 20.8% in Fremantle. Pass-in rates for Merino fleece and skirtings were 12.6% and 12.0%, respectively.

2,024 bales (4.1%) from the expected offering of 49,211 bales were withdrawn prior to sale and re-offered bales made up 9.1% of the final offering. 40,931 bales were cleared to the trade.

Exchange rates eased during the break, with the US exchange rate falling below 87¢ in early August. A recovery since then saw the US exchange move to 91.64¢ on Monday before falling back on Wednesday night due to financial concerns in the United States and a 2% fall in the US share market.

It was a good market following the softer close prior to the break, with widespread competition across most types and micron ranges. However, the 11¢ rise in the EMI in US terms on Wednesday was cancelled out for wool growers by the 2% lift in the US exchange rate. The easing of the US exchange rate on Wednesday night contributed to an 8¢ rise in the EMI on Thursday.

Changes within individual micron ranges were relatively similar, with most Merino types up slightly, apart from 24 microns.

Prices for skirting types followed fleece types down on Wednesday, but recovered strongly on Thursday. Similarly, prices for crossbred wool were down on Wednesday and up on Thursday. Their average AWEX MPGs finished down by around 1.5%, on average. Oddments eased on both days in Sydney and Melbourne, but were up marginally in the West. The average AWEX Merino Cardings Price Guide finished 2.6% below the last sale.

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

Sales will be held in Sydney, Melbourne and Fremantle next week, when 37,943 bales are currently rostered for sale. Present estimates for the following two sales (Weeks 08 and 09) are 40,135 and 43,800 bales, respectively; an increase of 13.0% over the three sale period when compared with last year. The New Zealand Merino Company is rostered to offer 850 bales in Week 08.

Sales will resume in South Africa next week.

Click here to view the chart

Australian Wool Industries Secretariat

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