The wool market recorded substantial increases this week, following the news that Chinese Customs had suspended all greasy wool imports from South Africa, due to an outbreak of Foot and Mouth disease earlier in the year. Melbourne sold in isolation on Tuesday and the limited offering came under intense pressure, with prices quickly increasing by 80-90 cents. When sales resumed in Sydney and Fremantle on Wednesday, similar gains were achieved, resulting in 20 & 21 microns hitting an all-time high. Thursday’s market saw a distinct softening, particularly later in the day, with the Southern & Western Regions giving up 16 & 41 cents respectively, while the Northern Region recorded little change to close the week at 2,074 +63 cents.
The crossbred sector continued to track sharply upward. Prices generally improved by 20-50 cents. These increases have pushed the MPGs for 28 and 30 micron further into record territory.
There are currently 49,738 bales rostered for sale next week, an increase, of over 8,500 bales compared to previous estimates.