South African Weekly Market Report (29 August 2024)

The 2nd sale of the 2024/25 wool season took place, with a smaller offering of 5 454 bales, after 400 bales were withdrawn prior to the sale.

Less than 50% of the offering consisted of long length wools, with sustainably certified wools comprising 56,7% of the merino wools offered.

The strong SA currency, coupled with a struggling Australian market, continued to exercise downward pressure on today’s sale.

Some good after sales assisted in reaching an overall sales clearance of 91.6% on today’s sale.

The all-merino indicator decreased by 2% to close on R159,30 p/kg, whilst the certified indicator also eased by 2% to close on R160,71 p/kg.

A highest price of R235,02 (clean) was achieved for a single bale of 16,1 micron merino fleece wool.

The Australian market fell by 2,3% (AU$) this week, compared to their previous sale held on Wednesday, 21 August.

The major buyers on today’s sale were BKB Pinnacle Fibres (1 131), Standard Wool SA (1 108), Tianyu SA (711) and G Modiano SA (655).

The next sale will take place on 4 September 2024 where approximately 6 199 bales will be on offer.

Source: Cape Wool SA