The larger volumes rostered to sell failed to appear again at auction centres which ultimately assisted prices holding. The eventual supply matched the current demand at this week’s Australian wool auctions. Minor adjustments were again recorded but it was a week whereby the leading market indicator accurately represented the overall market results and sentiment 

The Eastern Market Indicator (EMI) finished just 1ac higher this week to 1421ac/clean kg. The Western Market Indicator (WMI) repeated the 8ac gain of last week to close at 1459ac/clean kg. The WA market again led the charge with the price increases in that centre exceeding any gains of both eastern centres. In USD terms the EMI gained 5usc, which was almost exclusively forex based, to finish the selling week at  1023 usc/clean kg.

In a replica of last week, the market opened softer on Merino fleece and skirting types and sold to relatively weak competition. Nonetheless the falls were restricted to just 5 to 10ac whilst the remaining sectors of cardings and crossbred types sold to largely unchanged scenario. Mid week new business was written and resulted in a firming to dearer tendency for the Wednesday selling session. Thursday was a day of consolidation at the standalone Melbourne sale as prices ended up stable for the day after early gains.

Australia’s largest wool trading company continued in their dominant buying mode with purchasing extending across the offering. In three of the four type groups they topped the buying lists. Some very good support on the Merino fleece came from China’s largest top maker and Chinese indents. Skirtings and cardings saw more trader interest converted into purchases, whilst crossbreds had support from European top making and Chinese indent orders.

Buyer attention on all Merino sectors has shifted to sale lots of better length and strength measurements and of lower vegetable matter (VM) levels. With the generally good season, the VM levels are rising and are expected to get progressively higher through till June, making lower vm lots more valuable. 

For the third consecutive week, there is over 50,000 bales rostered to sell over a three day sales series with Melbourne selling solo on Thursday.