WOOL sold strongly online this week despite Australia’s physical auction market suffering one of its biggest falls in history.
AuctionsPlus commercial manager – digital services Tom Rookyard said the platform’s online sale fared well this week, despite the physical auction market suffering a 101-cents fall in the benchmark AWEX Eastern Market Indicator to 1006c/kg clean.
This is the largest daily fall of the EMI since August 2019, the largest weekly fall since April 2020, and the market is 670 cents lower than the same time last year, he said. The West Australian indicator lost 147 cents to close at 1055c/kg clean.
Mr Rookyard said reports for the physical auctions highlighted that some overseas mills decided to only watch the auctions, while others took advantage of the current position and bought.
This caused low demand for the nearly 50,000 bales on offer and it was reported that once growers saw the current levels at which wool was being traded, they met the market, and many passed-in lots were sold after the fall of the hammer.
Solid online wool auction results
Mr Rookyard said 138 bales were offered in Elders southern online auction on Thursday.
“Despite the easing of the EMI, the online auction fared well with strong buyer demand.
“The usual buyers were logged, resulting in an 86pc clearance,” he said. The top price was 1003c/kg greasy for a line of AAA Merino 17 micron fleece with 1pc vegetable matter content. This lot was 78mm in length and offered under the brand WG/WED. A line of 19 micron Merino pieces offered by the same grower achieved 602c/kg greasy. It was 64mm long with 2.1pc vm. A line of 19.1 micron Merino bellies offered under the brand Cooraminta sold for 400c/kg greasy. It was 81 mm long and had 3.9pc vm.
Mr Rookyard said AuctionsPlus online offer board was used sparingly by buyers over the past week, with only five bales selling. A line of 18.6 micron Merino pieces sold for 310c/kg greasy or 729c/kg clean.