The AWEX EMI finished 51˘ higher (+3.3%) in Australian currency and 44˘ higher (+4.1%) in US currency at sales in Sydney, Melbourne and Fremantle in Week 29.

52,261 bales were on offer nationally, compared with 34,776 bales last sale.  It was the largest sale so far this season.  10.5% of the offering was passed in after 4.4% of the potential offering was withdrawn prior to sale.

AWEX reports that the value of the wool sold was $81.0 million ($1,731 per bale), taking the season total to $1.116 billion ($1,719 per bale).  The number of bales sold at auction this season is now 12.1% less than in 2018/19.

The market carried on from the strong finish seen prior to Christmas when the EMI moved up from the start of selling on Tuesday and finished the day up by another 79˘.  This was followed by a relatively unchanged market in the East on Wednesday, and by falls on Thursday.

The changes in the market were reflected in increases in both the Withdrawn and Passed-In Rates as the week progressed.

Attempts to analyse the individual price movements is more difficult this week given the different movements on different days; and not all centres sold on the same days.  Overall, the Merinos did best, based on a strong selling day on Tuesday.  Crossbreds did less well; particularly due to sharp falls on Thursday when 27.6% of the offering was passed in.

The US Exchange Rate finished 0.61˘ (0.9%) higher to close at 69.07˘ on Thursday.

Buyers for China were dominant, with support from buyers for India and Europe.

Looking ahead, offerings for the coming three sales are expected to range from 38,025 bales to 59,890 bales and to be 17.0% more than in the same period last year.  The forecast progressive difference to Week 32 is -8.5%.

The 59,890 bales forecast for Week 30 will be the biggest sale of the season unless a large number of bales are withdrawn in response to Thursday’s fall in the market.

Next Saturday 25 January is Chinese New Year.