EMI come off 48 cents from the record high
- By: "Farm Tender" News
- Ag Tech News
- Aug 23, 2018
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By KareeWool
Week 8 is host to the annual Wool Week and due to this fact, the Western Region had a one-week recess to allow interested parties to attend the planned activities in the Eastern States.
An unusual selling pattern of Tuesday and Wednesday selling days in Sydney and Melbourne, was also a direct result of Wool Week activities planned for Thursday. Quantities reduced again this week, due in part to the afore mentioned fact that Fremantle took a one-week recess,resulting in a national offering of 29,691 bales being made available to the trade.
Despite the reduction in quantity, the market could not sustain the rapid upward momentum experienced during the previous sales. Buyers adopted a much more cautious approach, resulting in price corrections across the entire merino spectrum.
The losses felt in the merino sector were generally 60 to 90 cents. The lesser style types and wools with less favourable additional measurement results were the most heavily discounted. Due to the price reductions, the benchmark Eastern market indicator (EMI) lost 48 cents off the record high it achieved at the previous sale, closing the week at 2,068 cents.
Worth noting, currency movement had a significant impact again this week, when viewed in USD, the EMI did not record the same large movements and only fell by 18 cents.
The skirting market also tracked downward this week. Prices were generally reduced by 40 to 70 cents, with the losses felt across all types and descriptions, regardless of style or vegetable matter content.
The crossbreds also suffered corrections but not to the same extent as the merinos. The losses were generally 15 to 25 cents, all types and descriptions recording a similar fall. Fremantle returns to the fold in Week 9, resulting in an increase in quantity. Currently, there is 34,960 bales rostered for sale
Main Buyers and Bales bought:
Seatech 1709
Fox & Lillie 1686
Techwool Trading 1582
Aust. Merino Exp. 1441
Lempriere Aust 1127
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