Significantly, the record high price has occurred when over 50,000 more bales of wool have been sold through auction than at the same period last year, the Australian Wool Innovation (AWI) said in its ‘Wool Market’ weekly report for the sale week 43 of the current wool year.
EMI has risen over the last few years from 1153ac per clean kg in week 43 of 2014-15, to 1217ac in 2015-16, to 1501ac in 2016-17, and now 1846ac in 2017-18.
During the week, some extravagant gains were made on local markets, particularly within the comeback and crossbred sectors (24 to 32 micron) which is a break away from season-long trends. Indicative of this was the 25 micron price guide lifting by an extraordinary 149ac.
The AUD v USD forex (foreign exchange) took a savage reversal this week, with a week-on-week depreciation of 3 per cent from 0.7804 down to 0.7574. The EMI when expressed in USD closed out the selling week 26usc lower at 1398usc clean kg. Most of the USD losses were due to stagnant prices of a large portion of the Merino sector. This USD EMI is out performing the AUD prices and it is now 24.5 per cent higher than last year in US dollar terms.
“In the Merino segment of the auction offering, the general lowering of recent wool quality is increasingly causing many price anomalies. Price discovery is now wildly erratic with yield, staple length and nkt (strength) becoming growing factors in price determination, on top of the season long factors of fibre diameter, poBm (position of break Middle) and cvh%(co-efficient of variation hauteur), making for more complicated batch finalisations for exporters,” the AWI report said.
The large majority of Merino price indicators of 16 to 21 micron were largely unchanged for the week but within those variations of plus or minus 40ac were individually changed dependent on quality.
Comeback and Crossbred wools (24 to 32 micron) enjoyed the best gains of all wool types and appreciated by a general 70ac. Competition was intense throughout. Cardings remained unchanged.
Around 43,000 bales are scheduled to sell at next week’s auction. “Strong, but irregular interest due to quality is expected to continue,” according to AWI. (RKS)
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