More than $3.1 billion worth of Australian wool has been sold at auction this year, closing on a record breaking run of high prices.
With the Eastern Market Indicator at a record and auctions preparing to shut for the Christmas break, confidence abounds the market will stay strong into 2018.
The wool market shrugged off the previous week’s indecision with every micron category gaining in value.
In 1989, the Australian wool market collapsed and burdened Australia woolgrowers with the ownership of a 4.7 million bale stockpile and a debt of $2.8 billion.
The nation’s agricultural think tank chief believes weakness surrounding oversight and transparency of levy management is diminishing the strength of industry bodies.
Traditional marketing of Merino wool is under review as the US online giant Amazon’s entrance into the Australian retail market challenges the reliance on bricks-and-mortar retailers.
There is movement at the wool export station with staff changes at some of the countries largest export companies triggering a domino effect of job shuffling.