Wool market has best start to season since 2020

The Australian wool market has experienced the “best start to a new season since 2020”, after posting a positive result for the second week in a row with increases across the board.

The Western Market Index lifted an average of 19 cents from last week to average 1339c/kg.

Australian Wool Exchange market information manager Lionel Plunkett said the Fremantle selling market saw the most gains made in the 21 micron range with a jump of 41 cents to 1362c/kg, while the finer 18 micron types lifted just seven cents to 1607c/kg.

Mr Plunkett said while the season had started well, the bales offered so far were 23.3 per cent down, or 24,414 on last year at 79,856 bales.

“There were 43,697 bales on offer nationally (last week), this was 7,538 bales more than the previous week,” Mr Plunkett said.

“The total amount offered over the first two weeks of this season is now well below the same time last year.

“As this is also the last opportunity to buy through auction until August, buyer sentiment was high, which in turn translated to spirited bidding across all sectors of the market.”

He said the bidding action resulted in price increases across most sectors, particularly in merino fleece types, with the “individual Micron Price Guides across the country for 17.5 micron and coarser fleece added between three and 54 cents for the (first selling) day, 20.0 micron and coarser enjoying the largest gains”.

“The crossbred sector also had solid rises, particularly 26.0 and 28.0 micron in the South, which added 28 and 21 cents respectively,” Mr Plunkett said.

“This is the best start to a new season since 2020 when the Eastern Market Indicator rose by 24 cents over the opening two sales, and a marked improvement on the previous year, when the EMI dropped 42 cents over the opening two weeks.”

The market heads into its annual three-week mid-year recess this week, with sales resuming in the week beginning Monday, August 7.