Market Intelligence
Weekly Wool Market Commentary
Moses & Son is committed to providing our valued customers the most current information and data to empower your decision-making process. Discover our latest Australian wool market weekly update below, along with archived reports for your perusal and analysis.
2024-S14
The AWEX EMI closed on 1104c up 17c at auction sales in Australia this week. 95.2% of the 31,240-bale offering were cleared to a number of exporters responding to the positive sentiment created by the Peoples Bank of China (PBoC) stimulus package. The positive emotion quickly spread to the wool market following solid rises in the Chinese Share markets. The AUD sustained levels of around 69 usc with the EMI in USD rising 14c. The EMI measured rises over both selling days, with the Merino Fleece category experiencing historically high clearances rates. Competition initially came from the large Chinese processors however as the week progressed the needle shifted, culminating in a dominant result for the large Australian Trading houses.
Merino Fleece
Merino Fleece experienced general rises between 20-40c. Whilst European and Indian orders remain scant, the trading Exporter houses returned to a must have purchasing pattern, as they jostled to keep ahead of their stock inventory levels. The indents followed suit which meant that fleece wools slightly out of the Chinese specification were pushed a little harder than we have seen over the past 3 months.
Merino Skirtings
Merino Skirtings measured solid rises over both selling days in line with the fleece, with the best specified lots with VM less than 4.5% once again trading at premiums.
Merino Cardings
Merino Cardings posted small rises of 2c and 5c across the Northern and Southern MC with some of the out of specification lots finding new bidders for fresh orders. Whilst its very early days for this end of the market everyone is watching this sector intently for some follow up business. The Western MC added 17c.
Crossbred Fleece
Crossbred Oddments
Crossbreds
Crossbreed combing wools were fully firm to slightly dearer for the week.
Next Week
Next week the national offering of 34,459 bales have been rostered. Next week wool markets are forced to accommodate another public holiday, and it is NSW turn to have Monday off, which means that Melbourne and Fremantle will offer on Tuesday and Wednesday whilst Sydney offers Wednesday and Thursday. Whilst I am not a fan of split sale rosters the market should be able to accommodate this easily.
Graphs
Market Commentary
The monthly comparisons of Total Bales tested by AWTA for September 2024 compared with the same period last season are: -7.3%.
The progressive comparison of Total Bales tested for July 2024 to September 2024 compared with the same period last season are:-8.4%.
AWTA Ltd has tested 66.9 mkg (million kilograms) this season compared with 72.8 mkg for the equivalent period last season.