Australian Wool Market Faces Uneven Performance

The Australian wool market experienced an uneven performance in Week 11, according to the weekly price report published by Australian Wool Innovation. The national offering of 23,486 bales was 1,535 bales below the prior week, while 21,147 bales were sold and the pass-in rate climbed to 10.0%. The Eastern Market Indicator closed 12 cents weaker at 1,878 Australian cents per kilogram.

Currency movements played a significant role in the outcome, as the Australian dollar strengthened to 72.32 US cents. As a result, the EMI rose 8 US cents to 1,358 US cents per kilogram even though it declined in Australian-dollar terms.

The market began positively on Tuesday, but sentiment shifted on Wednesday when most Merino descriptions lost ground and buyers became increasingly selective. Better European-style 19-micron and finer fleece continued to attract solid interest, while broader and standard topmaking types were generally cheaper.