Cardings increased by 10-20c/kg from the opening lot in wool markets

bales-2The AWEX EMI closed the week on 1,296c as it posted a weekly rise of 14c. Almost 60,000 bales were offered for the week, the largest offering in five years, and predictably exporters entered the week with caution, however after Tuesdays tentative result the market commenced in all centres on Wednesday with better than expected results. By Thursday’s close all but the coarse Crossbred MPG’s had posted solid rises.

18-18.5 Micron fleece types posted 20-30c rises for the week whilst the other Merino fleece types were 10-20c dearer.

Skirtings remained fully form to slightly dearer whilst Crossbred types came under pressure from an increase in supply and whilst 26-28 micron were slightly dearer, the 30-32 MPG’s lost up to 15c for the week.

Cardings increased 10-20c from the opening lot and maintained their levels until the close.

Next week’s offering is scheduled for 46,000 bales and should be received with some positive bidding.

Forward markets bids were varied throughout the week; however the interest from buyer and seller allowed some business to be done at historically good levels in the front months. This may have been the EMI’s ability to buck the trend of the major traded financial and commodity products.

Whilst I felt that this weeks result was extremely positive I also feel that it will only be a matter of time before this negative global downturn impinges our wonderful fibre prices. Hedging for late autumn through to early spring should be top of mind for wool producers at the moment.

-Marty Moses, Moses and Son, Temora