After a reasonably solid start to the selling week at Australian wool auctions, the last day saw that positive tone evaporate and the prices started to wane. Negative forces combined late in the week, whereby a selection of harder to place wools were on offer in the two eastern centres. The Merino wools were mostly and heavily influenced by high VM (vegetable matter) levels. Additionally the exporters were finding it difficult to attract much prompt business as the substantially weaker AUD v USD rates meant much cheaper offers were flowing into China which perhaps gave some incentive for those needing to buy a reason to wait for further reductions as is quite often the case.
Click here to access AWI's Wool Weekly Market Report (PDF 642 KB)