Prevailing expectations at the start of Australian wool auctions this week were overwhelming negative. The scheduled volume of 60,000 bales and the AU:US exchange rate over 90cents had the local exporters and overseas buyers spooked, and cautious buying strategies would obviously be employed initially. The later non-appearance of 10% of the bales and the dollar falling to 88cents eventually helped arrest the slide in prices. Unfortunately this data wasn’t available to buyers until Thursday, when approximately 65% of the volume had already been offered and put through the auction.
Click here to access AWI's Wool Market Weekly Report (pdf 99Kb).