AUSTRALIAN WEEKLY MARKET REPORT

Comment

The finer micron merinos were cheaper early in the week, but they rebounded quite strongly during the sale on Wednesday. There is no doubt an element of variable quality that is influencing these fluctuations from week to week. The market sentiment was more positive at the close of the sale with the Fremantle auction finishing at the highest point. The market was aided by the exchange rates with the Australian dollar falling below 64c against the USD. From the low basis, the crossbred market continues to outperform the merinos with increases of around 5% across most microns between 26 to 32 micron.

AWEX Eastern Indicator compared with 01/09/23

Eastern Indicator

Close: 1127

Change in % -0.35

Authentico Index Values

15 Micron

Close: 3577

Change in %: +2.2

16 Micron

Close: 2486

Change in %: -4.0

17 Micron

Close: 1959

Change in %: -2.9

18 Micron

Close: 1675

Change in %: -3.2

19 Micron

Close: 1543

Change in %: -1.0

Authentico Indicator

Close: 2099

Change in %: -2.37

Forecast

The strong finish to the Fremantle auction, leaving prices higher than the eastern close, should lead into a positive opening next week. Obviously, the market is quite fragile at the moment and currency changes as well as any small change in demand, will have an impact between now and next Tuesday’s auction. Traders are also more hesitant because not a lot has changed with regards to the short-term outlook.

Auction offering – current week

Market	Sale	Offered	Sold	Passed In
North	S 10	12057	11075	8.1%
South	M 10	22214	20385	8.2%
West	F 10	5580	5405	3.1%

Auction offering – next week

Market	Sale	Sale days	Volume
North	S 11	T / W	11161
South	M 11	T / W	24898
West	F 11	T / W	6437

If you want to see the complete Wool Sales Roster click here.