Whoopee, wool market roars into life with EMI up 130c

Wool prices surge with EMI jumping 132c as buyers scramble


Sheepmeat
BEAUTIFUL WOOL: The Australian wool market has shot out of the doldrums on the back of much reduced offerings.

BEAUTIFUL WOOL: The Australian wool market has shot out of the doldrums on the back of much reduced offerings.

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The wool market staged a dramatic tunaround today with the benchmark Eastern Market Indicator jumping 130 cents a kg.

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The Australian wool market has surged with the Eastern Market Indicator climbing 130 cents a kg clean to finish the day at 1495c.

The decision by many growers to withhold their clips from sale appears to have worked with fleece wools 18.5 micron and broader soaring by an extraordinary 130 to 180c in Sydney.

Only 5191 bales were offered in Sydney with 4777 bales sold.

AWEX said demand for the finer microns increased as the sale progressed, pushing the micron price guides 70-90c above last week's close.

Merino skirtings ended the day up 80-100c across all types and descriptions.

Today's offering of 26.5 micron and broader wools recorded hikes of 90-100c.

The Northern Market Indicator finished the day at 1534c, a rise of 126c.

In Melbourne the Southern Market Indicator shot up by 132c, the biggest leap since AWEX records started.

Merino fleece lines were in keen demand with 18 micron and finer improving 85-95c while 18.5 to 19 micron jumped 145c and 19.5 to 21 micron by a whopping 180c.

Best style Merino skirtings with low vegetable matter lifted by 100c.

The Melbourne catalogue was small with 4215 bales sold from an offering of 4458 bales.

Across the Nullabor the Fremantle fleece market followed the lead of the eastern states, recording large price increases.

The offering was significantly reduced with 29 per cent withdrawn prior to sale, leaving only 1257 fleece bales available to the trade.

What was left came under intense pressure, pushing prices up 175 to 240c with 19 micron and coarser most affected.

The AWEX Western Indicator rose by 198c, the largest daily rise on record (since 1995).

Merino skirtings were in limited supply resulting in general price increases of 160 to 200c.

Only 1885 bales were offered with 1746 cleared to the trade.

Sales continue tomorrow in Melbourne and Fremantle with 12,837 bales rostered.

The story Whoopee, wool market roars into life with EMI up 130c first appeared on Farm Online.

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