Wool prices continue to decline
The Eastern Market Indicator continues to decline, losing 34c/kg overnight. Here’s what an industry expert had to say.
THE Eastern Market Indicator dropped by 34c/kg overnight, as wool prices continue to soften.
The EMI now sits at 945c/kg, falling from yesterday’s recorded 979c/kg.
Elders wool business specialist Samantha Wan said there was “a different atmosphere” at yesterday’s auction.
“I auction in the merino fleece group … it was slow for the first 15 minutes, there was a sense of reluctance and resistance to jump in and bid,” Ms Wan said.
“It was a bit more work than usual, but there were growers wanting to sell.”
It comes after recent uncertainty around whether open cry wool auctions would be allowed to take place amid State Government coronavirus restrictions.
A Nutrien wool report showed a recorded softening in price across all micron categories earlier this week.
The 17 and 17.5 MPGs recorded the most dramatic change in price, dropping 48c and 38c respectively since last week’s sales.
According to the State Government, the Melbourne Wool Selling Centre is a permitted workplace, and open cry wool auctions are a permitted ‘fibre production’ ancillary activity in the agriculture, forestry and fishing sector.
A limit of two auctions per day over two days a week are permitted under Stage Four restrictions, with a limit of 20 buyers in each auction room.
MORE