Woolgrowers groan as EMI slips below 1200c barrier

Coronavirus sucks EMI down to 1170c as wool pain worsens

Wool
HOLY HELL: The wool market is feeling the pain of the coronavirus pandemic with the Eastern Market Indicator tumbling below the 1200 cents a kilogram clean mark.

HOLY HELL: The wool market is feeling the pain of the coronavirus pandemic with the Eastern Market Indicator tumbling below the 1200 cents a kilogram clean mark.

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The wool market had another bad day on Wednesday with the EMI losing another 38 cents to finish on 1170c a kilogram clean.

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The benchmark Eastern Market Indicator has plunged below the 1200 cent mark as coronavirus continues to ravage the wool market.

By the close of selling at Melbourne and Sydney on Wednesday the EMI had shed another 38c to land on 1170c a kilogram clean. There was no sale in Fremantle.

Industry pundits are wondering how low the market will go before starting to recover.

A total 13,135 bales were offered yesterday with 10,593 sold which brought total receipts so far this selling year to $1.804 billion.

The pass-in rate hit 20.2 per cent in Melbourne during an offering of 7609 bales,

The Southern Indicator lost 34c to finish on 1142c with Merino fleece lines dropping 30-40c across all micron guides.

Merino skirtings followed a similar downward path with best style 17 micron lines dropping 25c.

Coarser microns and lower style and high vegetable matter lots fell by 40-50c. Crossbred wools nosedived by 70c.

The same sad story played out in Sydney where 4522 bales were sold from a catalogue of 5526.

The Northern Indicator bled another 45c to hit 1214c.

The offering of 18.5 micron and finer wools recorded losses of 20-40c across all types and descriptions while broader microns lost 50-60c.

Merino skirtings dropped by 30-50c across all microns and descriptions. Crossbreds ended the day 40-50c lower.

The story Woolgrowers groan as EMI slips below 1200c barrier first appeared on Farm Online.

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