Will Chaffey's wool report - 12/2/2018

Week Ending – 12/2/2018

Will Chaffey. Photo: Belinda Soole.

Will Chaffey. Photo: Belinda Soole.

Never a dull moment in the wool market, with last week seeing an 80 cent improvement in the Eastern Market Indicator, to conclude at its record high of 1,818c/kg.

All types ended the week in the green, with the sub 18 micron types improving by as much as 150 cents clean in the two days of selling.

At the finish of Sydney’s sale the 17 micron indicator had rallied 110 cents to 2,815c/kg, the 19 indicator had found 75 cents to conclude at 2,165c/kg, while the 21 micron indicator made it to 1,893c/kg after gaining 104 cents.

Crossbred wool followed suit by making back what it had lost over the previous two weeks, as the 28 indicator found 73 cents to settle at 791 c/kg clean.

Some buyers predicted the rally, with an increased activity noticed via online wool sales early in the week.

During the week there was a smaller offering of 39,582 bales available through the auction system, with an overall pass in rate of just two percent, highlighting that there are still some growers out there not ready to part with their wool even at these record prices.

This week has a slightly larger national forecast of 43,032 bales, with Sydney to offer 9,056 bales, Melbourne to offer 23,875 bales over three days and Fremantle to offer 10,101 bales.