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News from Macdonald & Co Woolbrokers and Carmichael & Co Woolbrokers
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WEEKLY MARKET REPORT Week Ending 12th June, 2020 AWEX Northern Micron Indices Comparison
NEW ENTITY BROADENS OUR BASE Next week marks a new chapter for our wool brokerage business. We are launching a new trading entity, Carmichael & Co Woolbrokers, to be operated by a team of former TWG Wool employees which has been wound up after 115 years of trading by its Canadian parent company Nutrien. Established in 1905 by Thomas Green, in Cooma, the company has traded for decades offering woolgrowers a personalised independent service built on the same philosophies that we have also operated on. Manager Jason Carmichael who is a direct descendant of Thomas Green will auction the first catalogue for Carmichael & Co Woolbrokers next Tuesday. The business when founded operated in Cooma, Crookwell and Guyra, all in excess of 3000 feet above sea level which was the theory to drought-proof the business given this was around the time of the infamous Federation drought so the attraction to us was along similar lines and, although the Monaro is still in drought, we believe the strategy is a good one. Depots for Carmichael & Co are now operating in Cooma, Crookwell, Guyra, Cootamundra and Wellington with wool being stored and cored at our Dubbo woolstore and under contract principally in Cooma, Yass, Bathurst and Goulburn. Tamworth, Wagga and Yarrawonga will also see small quantities. So it’s a great welcome from us at MacWool to the staff and clients of Carmichael & Co. Onto the market. The softer tone late last week sadly continued in this series. With just the 2 eastern seaboard centres operating only 15,800 bales were offered, 425 more than the smallest sale of 2 weeks ago for 25 years. As is sometimes the case, tiny offerings don’t always mean a dearer market as the most recent orders and prompt shipment needs had been filled the trade was almost completely reliant on new business being written. This was not forthcoming and the market suffered. The AWEX EMI fell by 32 cents to 1139 (its lowest point for 5 years) as < 17.5 micron lost 10/25 cents while broader microns bore the brunt of the downward trend giving up 35 to 50 cents. The lower yielding wools were the driving force in the cheaper market with exporters still struggling to average these lots into their purchases. The ever-increasing volume of higher yielding types was least affected but there is still not enough of these coming through to blend successfully with the lower yielding types. Skirtings also suffered losses similar to their fleece counterparts, 40 to 60 cents back. Cardings had a mixed sale as finer types < 17.5 micron look 5/10 cents dearer while broader lots gave up 15 to 25 cents with crossbreds finishing 20 cents down. All 3 centres are in action for the final sale of the season with 30,240 bales catalogued, the biggest sale since early April. If there is not a sprinkling of business done early next week we could see the EMI fall below 1100 cents. Southern Aurora Fwd Prices
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Main Buyers (This Week)
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