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wool Market Report
18 May 2007
Highest level in over 3 years!…
- The Eastern market indicator has broken through the 962 level to set a new seasonal high closing at 980 yesterday! The EMI has not been this high since 2003!
- It seems that recent low supplies, a drop in the Australian dollar, and some recent sales into China have contributed to this price rise.
Large gains of up to 44 cents were recorded across all micron categories with the 17.5 micron southern indicator recording the largest increase for the week.
- The EMI and 19.5 to 25 micron indicators are all now well above the 80% and 90% deciles. 18 micron and finer, and crossbreds are the only area of the wool market that is lagging behind in percentile bands. This is probably due to the relatively large supply of finer wools due to the drought.
- Despite this positive market news, the recent IWTO congress is predicting price falls later this year due to increased pipeline stocks, and the current “expensive” nature of wool. Apparently wool is now 7 times more expensive than cotton.
- Major auction buyers this week were Techwool (4,807 bales), Itochu wool (4,331 bales) and A.S. Gedge (3,844 bales).
- Wool sales resume next week in Sydney, Melbourne and Fremantle, over 2 days with a total offering of just over 46,000 bales.
- Junior Merino Judge of the year…
- Landmark will be conducting the fifth Junior Merino Judge of the year at the Hay Merino Sheep show on 2nd June. Studs and individuals are encouraged to nominate people under 25 years of age who have had judging experience. 1st price is an all expenses paid trip to New Zealand staying at leading NZ Merino studs. Entry forms and information are available from Peter Vile on 0418 555 595.
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For further information on the wool industry email Landmark or see the Landmark website.
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by Peter Tustin
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