The AWEX EMI finished at 1511¢, 98¢ lower (-6.1%) in Australian currency and 71¢ lower (-6.5%) in US currency at sales in Sydney, Melbourne and Fremantle this week.

33,548 bales were on offer nationally, compared with 27,374 bales last sale.  34.1% of the offering was passed in after 11.2% of the original offering had been withdrawn before sale.

AWEX reports that the value of the wool sold was $37.8 million ($1,710 per bale), taking the season total to $458.0 million ($1,734 per bale).

The New Zealand Merino Company also offered 3,473 bales in Melbourne on Thursday, of which 33.2% were passed in.

The wool market continued its roller-coaster ride this week.  This was not unexpected after the weaker close in Fremantle on the previous Thursday.  Growers reacted very strongly by passing in in a record level of wool.  This was particularly so among the Merino Fleece wool, of which 30.9% was passed in on Wednesday and 58.2% was passed in on Thursday.  There was no particular trend in the price falls across the micron ranges.

The US Exchange Rate eased by 0.41¢ on Tuesday after the Reserve Bank of Australia announced a fall of 0.25% in the official interest rate.  It finished the week 0.35¢ (-0.5%) lower to close at 67.17¢ on Thursday.

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

In other countries, the South African Cape Wools Indicator on Wednesday was down by 2.7% since the previous week against a 2.0% depreciation of the Rand against the US Dollar and a 1.8% depreciation against the Euro.

Looking ahead, offerings for the coming three sales are expected to range from 33,086 bales to 35,685 bales and to be 1.4% more than in the same period last year.  The forecast progressive difference to Week 17 is -16.9%.