The stumble in the market on the final-day last week signaled a weakening in prices that continued into this week. The Australian Wool Exchange-Eastern Market Indicator (EMI) eased a combined 6 cents for this sale after drops of 4 cents and 2 cents. The fall in the EMI was despite an anticipated drop in auction offerings over the coming month of June, which is typically the quietest month of the year.
The modest dip in the EMI for the week masked the sharp fall in Merino fleece types that fell on both days. Most Merino microns were initially down 20 cents on Wednesday but the final day offered some respite when further losses were restricted to around 10 cents. The 18-19-micron range took the brunt of the falls and the losses in this range eventually totaled around 30 cents for the week. Providing some positive news on the final day was the limited broader microns, which managed to lift a few cents.
Reprinted in part from AWEX Weekly Wool Marketing Report