This was reflected by the AWEX Eastern market indicator losing 24c on Wednesday and a further 15c on Thursday to close off at 1555c, or in US Dollar terms 1068c.
The West Australian indicator lost 25c to close off at 1662c. Growers and brokers appeared to choose to pass-in or withdraw their wool with the physical auctions seeing an average pass-in rate of 17.5% across the week.
The months of September and October have been particularly tumultuous for growers, buyers and brokers alike. After a 61c rise on the 25th of September, the market fell 98c on the 2nd and 3rd of October.
Online there was 46 bales sold, however, it is worth noting that 36 of them were on Friday afternoon. The top-priced lot online was a line of 16.1µ micron AAA Merino fleece wool with a low 1.3% vm.
This lot was branded IRBYBRAE, offered by Elders Fremantle and sold for 1227c greasy or 1905c dry. While 17µ micron fleece wool sold up to 1164c greasy or 1871c dry. Merino pieces were topped by a 15.8µ micron line.
This lot was offered by Jemalong Wool, branded GMTHORPE ‘AUBURN’/DELUNGRA and sold for 1300c greasy or 1909c dry. 16µ and 17µ micron pieces sold to 1150c and 1110c greasy or 1849c and 1737c dry.
Looking forward there is an estimated 40,000 bales to be offered across the country this week. There is a buzz of positivity around the market this with several reports that there has been business done with overseas mills, particularly Chinese mills.
This has been backed up by the fact that 133 bales have been sold on AuctionsPlus Wool between Monday morning and Tuesday morning.