KEY global wool and textile industry representatives gathered at the 93rd International Wool Textile Organisation (IWTO) Congress being held in Adelaide this week, coinciding with solid gains signalling a strong positive shift in the national wool market.
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Surging ahead of the pack, the Western Market indicator rose by 26 cents a kilogram on Tuesday and a further eight c/kg on Wednesday for a total rise of 34c/kg, to realise 1303c/kg at the close of sales.
The result saw the Australian wool market record an overall price increase, the first positive movement since week 36, March 5 & 6, of the sales roster, the Eastern Market Indicator saw an 11c/kg lift on day one and a five c/kg lift on day two, to record an overall lift of 16c/kg to finish 1158c/kg.
The buoyant sale was influenced by a number of factors including a reduced offering that saw 6468 less bales offered nationally for a total of 43,680 offered and 42,174 sold.
Western Australia contributed a total of 9519 bales to the national offering and sold 9174.
This smaller offering has pushed the year-on-year total below last season for the first time since September.
There have been 7,614 fewer bales put through the auction system compared to the previous season.
Elders district wool manager Darkan/Williams, Sarah Buscumb, said the market was heavily influenced by currency movement, in combination with the smaller numbers.
The market was driven by solid increases in the merino fleece types.
"The combination of the lower Australian dollar and the lower national offering certainly helped the market along," Ms Buscumb said.
"The market rose Australia wide, but here in the West we were fortunate enough to see the largest rise nationally.
"The 18 micron rose 51c/kg, 19 micron by 53c/kg and 21 micron by 41c/kg.
"Rises were evident across all sectors,Merino fleece, skirtings, crossbreds and oddments."
The higher prices on offer were welcomed by most sellers, and resulted in the lowest national passed in rate of the season recorded as just 3.4 per cent of the national offering.
Fremantle recorded an average of 3.6pc passed in, after 4.9pc on Tuesday and 2.1pc on Wednesday.
The next sale's offering is predicted to be of similar size.
There are currently 44,356 bales slated for the next sale, with WA's contribution expected to be 11,747 bales.
Tamara Hooper
Journalist with Farm Weekly newspaper WA.
Journalist with Farm Weekly newspaper WA.
