WEEKLY MARKET REPORT Week Ending 23rd August, 2019 AWEX Northern Micron Indices Comparison
MARKET STEADIES! All participants were still in shock from last series’ falls and wondering what this week would bring. Showfloor chatter amongst the buyers that some business had been done on a variety of types just below current levels gave hope that the market may level out sooner rather than later. The AWEX EMI lost just 16 cents but did fall below the 1500 cent mark to 1497 - this result welcomed as good news after last week’s carnage. Fine microns bore the brunt of losses, < 19 micron 40/50 cents with broader types 20 to 30 cheaper with the odd superior style wool and NM type dearer. One sector that did advance was skirtings, 40 to 50 cents higher, just 10% passed-in. Crossbreds also reversed last sale’s collapse adding 25 to 45 cents. Cardings took the largest hit of any sector with the 2 MCIs on the east coast averaging 94 cent losses as LKS/LMS lost 100 to 200 cents while CRT/STN gave up 50 to 60 cents. The overall pass-in rate fell to 16%, a drop of 20% compared to the previous sale with 16% also withdrawn resulting in a third of the wool available at the start of the sale not sold. This week’s sentiment was vastly improved when compared to the fortnight before, with a very cautious tone. The demand for wool has fallen sharply due to lack of confidence and partly to blame is the devaluation of the Chinese Yuan (CNY). One US$ buys over 7 yuan compared to 6.8 yuan in July. All the other external problems in the Northern Hemisphere are still well and truly in play and this week Germany announced that its economy is slowing as is Britain’s (they’re yet to admit it). Trouble is also brewing in SA as wool sales have been suspended indefinitely as frustrations re the requirements of current export certification of greasy wool into China were conveyed and the ensuing implications for buyers and growers. Auctions will resume ASAP when clarity is obtained regarding export certification requirements of greasy wool into China. We still have spots available if you want to attend the Sheep Welfare Seminar on Tuesday. Please reply to the office by Monday on 6884 1004 or email admin@macwool.com.au. Ag Concepts Fwd Prices as at 23 August, 2019
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Main Buyers (This Week)
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