EMI up 49 cents as it closes in on the record set in February
- By: "Farm Tender" News
- Ag Tech News
- Apr 20, 2018
- 504 views
- Share
By Mark Dyson - Quality Wool
Coming out of the annual post-Easter recess the wool market this week delivered some very solid increases across the board, pushing the benchmark Eastern Market Indicator (EMI) up by 49 cents to close the week at 1,825 cents per kilogram clean (nine cents off its last record high set in February).
It appears that the increases were driven more by buyer and exporter desire to secure stock, rather than being currency related (the AUD was up by 0.6c to 78.08c by close).
Intent to buy was evident from the start of trade on Wednesday morning, with all indicators turning further north.
The 17-19 microns rose 11-30c/kg, with the better-prepared, finer edge most affected. Medium wools of 20-23 micron delivered the best increases of the day to sit 40-65c/kg dearer.
Crossbreds also enjoyed a continued return to favour to participate in the rises, generally increasing 25-35c/kg across all microns.
The second day’s selling saw the positive sentiment continue, with the 17-19 micron range enjoying similar rises to the opening day, adding another 15-30c/kg.
Medium microns also posted further gains from yesterday, with the 21 microns up 7c/kg and the 23 micron indicator posting the largest gain for the day of 40c/kg.
Crossbreds enjoyed rises on Thursday of 25-30c/kg across all micron groups while skirtings followed suit across both days, rising 20-30c/kg with lower VM types leading the charge.
Oddments didn’t escape buyer attention either, remaining fully firm on Thursday after solid rises of 20c/kg on the first day of selling.
The carding indicator settled this week on the back of rises from a fortnight ago, finishing six cents dearer for the week at the close of trade on Thursday.
Fleece wools containing lower amounts of VM, with higher tensile strength and lower mid-break specs attracted the most attention from buyers, with skirtings of similar types following the same trend.
Extended drier conditions across most of South Eastern Australia is leading to yield slippage, with buyers actively seeking out higher yielding types across all catalogue segregations.
Pastoral districts, as well as the settled agricultural areas, are all feeling the pinch from the continued dry period.
Selling week 43 of the 2017/18 season will see 43,500 bales offered nationally, with this figure set to fall over the next few weeks as the autumn shearing season comes to a close.
Share Ag News Via