Almost 17% of the 43,043 bale offering was passed in, which is double the national average YTD.
The AWEX EMI reversed last weeks positive result (+31c) falling 29c to settle on 1,241c at auction sales in Australia this week.
The market was softer from the opening and struggled under the firming AUD which punched through the 77 USc resistance level.
The reaction to the softer opening snowballed as the week progressed with falls in the Merino categories ranging from 25-55c.
The Fleece market seemingly found a floor immediately after opening on Thursday, which resulted in a measured rise in prices over the final 1.5 hours of selling.
As per last week the Skirtings seemed to operate totally separately to the Fleece, with only slight downward price movements measured.
Whilst Crossbreds were irregular and falling between 5 and 30c, and Merino Cardings also struggled under the high AUD falling between 15 and 20c.
There was a late rally experienced in Fremantle (two hours after the eastern market closed, indicating the possibility of renewed confidence for next week’s 49,078 bale offering.
Almost 17% of the 43,043 bale offering was passed in, which is double the national average YTD.
The wild fluctuations measured over the past fortnight has certainly had a negative effect on the confidence of our overseas wool buying customers however, one would hope that the next few weeks should see that rectified.
Bidding in the forward markets slowed, with the futures bidding starting the week at a discount to cash.
As the market progressed the 21 micron index was executed at 1,355 for June with sellers accepting near cash levels. Spring offers with the market levels closing 1300 bid and 1325 offered.
Whilst exporters seem reluctant to bid above these levels for the new season, even on the short rallies, most interest still exists in the front months.
-Marty Moses, Moses and Son, Temora
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