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18/05/2012
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This weeks offering was slightly back on initial estimates with 39,578 bales offered at auction nationally this week. A very disappointing market this week as uncertainty throughout Europe, a rapidly deflating Australian dollar and a general thin selection of wool on offer all culminated to drive the market into a negative territory. The EMI fell -34c/kg to close the week at 1121c/kg. The EMI in US$ continued to record the most severe negative movements (due to the continuing deflating Australian dollar) by falling -53c/kg to close the week at 1114c/kg. Passed in rates continue to be much higher in the west (41.3%), compared to 22% in the north and 17% in the south.
The only positive movements recorded this week was in the 27 & 28 micron crossbred wools, exporters competing to fill orders drove the 26 MPG up 44c/kg last week, not wanting to dive that end of the market any dearer, exporters shifted their attention to the 27 & 28 micron wools resulting in modest positive movements for the week.
Skirtings followed the fleece wools this week with most types 30 to 70c/kg cln cheaper than last week. Large discounts are being applied to those lines of pieces containing matted seedy jowls, we therefore recommended that you remove them from your main pieces line, if you are not doing so already.
Merinos carding have continued to slip steadily over the past 5 weeks, loosing another -49c/kg in the south this week, this puts the MC indicator at very close to the lowest level in 12 months.
Next weeks offering is only expected to be 34,900 bales nationally.
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