AUSTRALIAN WOOL MARKET M03. 18/07/2024.

The Australian wool market has had an up and down series, a soft start followed by a strong finish, combining for an overall
unchanged result in the benchmark AWEX Eastern Market Indicator (EMI). With only Sydney and Melbourne in operation this week
the national offering fell to 27,519 bales. Season to date there has been 13,051 more bales offered compared to last, however this
figure is misleading. Historically there would be no sales held in Week 3 as the mid-year recess had begun, the addition of these
extra sales in July is bolstering early season offering figures. Buyer sentiment was again cautious from the start of the first day, and
while market movements varied, the overall trend was lower. The EMI dropped 3 cents for the day. This was the ninth selling day in
a row the EMI recorded a negative result. This was the longest downward run in the EMI since October 2020 (12 selling days). The
EMI dipped to 1,104 cents, the lowest the EMI has been, also since October 2020. The second selling day was in complete contrast
to the first, buyer sentiment was positive and the widespread competition helped to push prices higher. By days end, the individual
Micron Price Guides (MPGs) had risen by between 2 and 46 cents. The EMI ended its downward daily run, posting a 3-cent rise for
the day, weakness in the other sectors preventing a larger daily rise. The EMI closed the day and the series at 1,107 cents,
unchanged for the series. The passed in rate was 8.3% this was 5.2% lower than the previous week. An overall clearance rate of
over 90% shows the willingness of most sellers to meet the current market. Fremantle returns next week, for what will be the final
selling series before the annual three-week mid-year recess. Currently, there is 33,564 bales on offer.

 

Regards,

Adrian.