Sighs of relief as wool's EMI stops its horror slide

Thank heavens, as wool price slide slows on back of smaller offering


Sheep
END OF HORROR SHOW: Last week's tumultuous slide in wool prices wasn't repeated when sales resumed in Sydney and Melbourne on Tuesday.

END OF HORROR SHOW: Last week's tumultuous slide in wool prices wasn't repeated when sales resumed in Sydney and Melbourne on Tuesday.

Aa

The wool market showed signs of stabilising at sales in Sydney and Melbourne today on the back of a much reduced offering.

Aa

Rays of hope were shone on the gloomy wool market with the benchmark eastern market indicator only losing five cents a kg clean at Tuesday's sales in Melbourne and Sydney.

Many growers are clearly exercising their option of withholding their wool from sale with only 12,665 bales offered.

This helped to keep the EMI above the $15 barrier at 1508c.

AWEX reported a pass-in rate of 16.3pc which was much reduced from the 35.3pc passed in at last Wednesday's horror sale when the EMI dropped by a shattering 112c.

Only 4994 bales were offered in Sydney where the pass-in rate was 7.5pc.

AWEX said 18.5 micron and finer wools eased by 20-30c in Sydney with best style (MF4) wools with favourable additional measurement results less affected.

An offering of broader wools ended the day 15-30c lower across all types and descriptions, AWEX said.

Skirtings rose 20-40c across all microns while crossbred lots recorded increases of 15-30c across all microns.

Fleece wools 18.5 micron and finer also eased by 30-40c in Melbourne.

Wools 19 micron and coarser were 5c easier. Merino skirtings also eased with most microns dropping 10c-20c.

The crossbred market was well supported and lifted 25-30c for 30.5 micron and finer.

The pass-in rate in Melbourne was 18.2pc on an offering of 7671 bales.

Sales continue in Melbourne and Sydney tomorrow with 16,283 bales rostered for sale.

The wool market is feeling the effects of a loss of consumer confidence because of major trade issues such as the US-China trade war and uncertainty in Europe caused by messy Brexit negotiations with Britain.

The story Sighs of relief as wool's EMI stops its horror slide first appeared on Farm Online.

Aa

From the front page

Sponsored by