The AWEX EMI continued to push through last week’s price record to set a new EMI record of 1943c. The increase measured 52c AUD (49c USC) and the calmative rises of the EMI now totals 167c.
Merino Fleece categories led the charge with increases of up to 90c, measured with the focus on the 19.5-23 MPG’s. The increasing quantity of low yielding fleece wools (courtesy of the extended dry period in the eastern states) were also well supported indicating the continuation of the “buy at all costs” strategy experienced over the last few sale weeks. The fine and superfine fleece lots were also well supported measuring increases from 20c to 50c.
Merino Skirtings followed the lead of the fleece pushing up 40-80c with the low VM skirts excelling on occasion. Merino Cardings also continued to push higher, adding an average of 22c for the week and almost achieving their previous record price levels.
Crossbreds were a mixed bag in regard to price, and whilst the 26-28 categories posting 10-60c rises, the 29-32 MPG’s barely held last week’s levels.
Many of the trade attended the IWTO Congress in Hong Kong this week, and the majority of the reports focussed on supply (or lack of) in this extraordinary price level. Back home the exporters were scrambling to achieve their purchase targets as volume is quickly diminishing by the day.
The 97.7% clearance of the 36,398 bales offered at auction brings the YTD passed in rate to a meagre 5.8% compared to 7.8% at the same time last year. Next week’s offering of 31,996 bales will create enormous pressure on the exporters to achieve purchases for their top-making clients as it is expected that the weekly totals will continue to shrink as fresh wool deliveries are basically the only source of wool left throughout the pipeline.
The weekly purchase total value achieved this week was totalled at $73.16m ($2,057.60/bale average) with the YTD accumulative total achieving $3,076.97m ($1,896.94/bale average).
It is certainly an amazing time to be in sheep and wool. ~ Marty Moses