Week starting – 21/8/2017
The highest published price for the Eastern Market Indicator now stands at 1,614c/kg following last week’s significant 64 cent rise.
This now puts the EMI at almost 25 percent higher than the same time last year, or 316 cents stronger.
The first day of the sale had the market 40 to 60 cents dearer on most types and descriptions, followed by Thursday’s results keeping prices firm.
The 17 micron indicator from the North’s sale found 55 cents to close at 2,282c/kg, the 19 indicator rallied 71 cents at 1,924c/kg while the 21 micron indicator found 92 cents to finish at 1,668c/kg.
Crossbreds faired a similar fortune with 28 micron rising 82 cents to conclude at 899 c/kg, a 10 percent rise in one week’s trade. While the broader crossbreds found up to 50 cents with quality being varied.
Understandably, there was a large volume of wool traded in forward contracts as growers make the most of these record prices, with one trade being for as far forward as a March 2019 sale date.
While this significant price increase is certainly well received by sellers, longer term it would be a encouraging result if these prices can remain unchanged in the weeks to come.
This would mean those further down the supply chain could maintain confidence in these high prices and uphold a sustainable business into the future.
This week there is another limited offering with 36,888 bales to be offered nationally with 13,223 in Sydney and 23,665 in Melbourne while the west will have no sale conducted.