The AWEX EMI fell 44c to close out the week on 1,502c ending the 8-week string of straight rises.
The superfine merino MPG’s fell up to 130c but the fine and fine medium lost approximately 70c for the week!
In the words of a former prime minister it was “the fall we had to have” and as I have reiterated over the past few months – there is no cure for high price like high price!”
The skirting trend predictably followed the fleece however carding’s and crossbreds held a stronger line posting close to last week’s levels. Futures seemed to revel in the fall, which attracted some new bidding interest at new levels as well as some newfound urgency from the sellers!
The pass in rate matched the closing result of 16.4% which may reappear in a few weeks time. One market result does not constitute a trend, so it will be interesting what each segment does from here until the Easter break!
The increase in offering estimates coupled with the sheer cost of funding the weekly purchase (which totalled $31m this week) is dictating the market at this point.
However, the fundamentals of supply and demand (I believe) have not changed so we now wait for the new level for our market segments.
It seems that the carding’s and crossbreds are still in balance whilst the ultra and superfine categories have been breaking records weekly!
-Marty Moses, Moses & Son, Temora