AWEX CEO Mark Grave

Australian wool growers will be able to keep a daily watch on how their auction market is performing on gross per bale and overall turn-over bases from tomorrow.

The Australian Wool Exchange will tomorrow release a new and informative table on its website that progressively updates daily aggregate sale results, of each sale day, for each region and nationally.

AWEX CEO Mark Grave said progressive sales initiative was conceived by AWEX and its reception would be measured.

“We’ve got the information and I think it is good information to have out there.”

“We talk a lot about movement in the market, being up one cent, down one cent, but really that is incidental to it all,” he said.

“There is a still a lot of money generated, a lot of money turned over in the wool market on a daily and weekly basis.

“It is really about getting a different perspective out there rather than micron-managing the cents, because quite often that doesn’t relate to every person.”

Wool industry is a significant employer

He said the wool industry is a significant employer and contributor to the Australian economy.

“A small incremental change in the daily market doesn’t convey the overall contribution that wool continues to make to the Australian economy and this is all too often downplayed or forgotten.”

“Each selling centre is distinctly different in the type and volume of wool offered for sale but it is worth being reminded of the daily turnover which occurs during a selling year of about 45 weeks.”

Each wool generates millions of dollars

Mr Grave said last Thursday’s wool sales generated more than $24 million.

“Even though market volumes are small, just because of production, I guess this is almost singing the buyers’ tune, there is still a lot of money involved making the wheels of the wool industry turn and we’re still a significant industry.”

The progressive sale results table will display on a regional and national basis:

• – The number of bales remaining to be offered for sale on the day,
• – Total bales sold,
• – Gross dollar (AUD) value for the day, and
• – The gross average dollar (AUD) value per bale.

The progressive sale results table will be updated every 10 minutes on sale days only and will revert back to a table detailing the movement of the AWEX Eastern Market Indicator (EMI) on non-sale days.

The first ‘live’ date is tomorrow Wednesday March 25, with all three centres selling. Commencement times: Sydney/Melbourne – 11:00 ESST; Fremantle – 15:00 ESST. To view the table go to the AWEX website – www.awex.com.au

Source: AWEX