Week starting 15/5/2017
Closing at 1,534c/kg the Eastern Market indicator (EMI) softened 10 cents for the week that was the 45th offering for the wool selling calendar.
Day one of selling last week had the market on a positive tone by up to 10 cents in most categories, however the final day saw a considerable correction largely affecting medium wools.
At the end of the week in Sydney, Merino Cardings remained firm along with crossbred wool, while the 21 micron indicator fell 30 cents to finish at 1,506 cents/kilogram.
The 19 and 18 micron indicators followed a similar pattern, both losing 28 cents to conclude at 1,939 c/kg and 2,223 c/kg respectively.
The overall national pass in rate jumped over 11 percent over the week to have an average of 16 percent in total bales offered.
Chinese based company Tianyu were the week’s biggest Merino fleece buyers at 12 percent nationally.
While they also purchased the most bales from the Merino Skirtings offering, securing one in 5 bales offered.
Forward markets reacted in a more subdued attitude to the sale results, with most micron price guides remaining unchanged, with only the medium categories being down 20 cents in the short term.
Further out, prices remain attractive with an October delivery of 21 micron currently at 1,415 c/kg, only 90 cents off spot market.
Current forecasts predict the next two weeks to have roughly 35,000 bales offered while this week will see 36,000 bales go under the hammer.