Australian Wool Market Report (13 January 2023)

Australian Wool Market Report (13 January 2023)

The AWEX EMI finished 6¢ higher(+0.5%) in Australian currency and 17¢ higher(+1.9%) in US currency when sales resumed in Sydney, Melbourne and Fremantle in after the mid-season break.  50,469 bales were on offer nationally, compared with 47,914 bales last sale.

11.2% of the offering was passed in after 5.1% of the potential offering was withdrawn prior to sale. 44,814 bales were sold. The offering was the largest since the first sale after the mid-year break.

AWEX reports that the value of the wool sold was $65.3 million ($1,457 per bale), taking the season total to $1.174 billion ($1,576 per bale). The number of bales sold at auction this season is now 2.1% greater than in 2021/22.

The market opened on a softer note on Tuesday that saw falls across almost all micron ranges in all centres that were followed by widespread rises on the following day; and again on Thursday, when only the South sold. The greatest overall falls were among the broader Merinos and the crossbreds.

The US Exchange Rate finished 0.99¢ (1.5%) higher to close at 69.23¢ on Thursday.

Buyers for China were dominant, with support from buyers for India and Europe.

In other countries, South African sales are still in recess this week; and are scheduled to recommence next week.

Looking ahead, offerings for the coming three sales are expected to range from 41,371 bales to 51,203 bales and to be 3.4% more than in the same period last year. The forecast progressive difference to Week 31 is 0.9%.

Source:  Australian Wool Industries Secretariat Inc