Vernon Graham

Hopes the wool market might be about to stabilise were dashed at sales today with the EMI losing another 11c.

The wool market showed signs of stabilising at sales in Sydney and Melbourne today on the back of a much reduced offering.

Wool auctions should continues despite last week's big price drop of almost 10pc in the benchmark eastern market indicator.

Last financial year was another record-breaking affair for both lamb and mutton exports with big increases in sales to the US and China.

Australian wool production is poised to shrink yet again during the coming selling season.

Luxury retailers selling premium woollen clothing are also feelingthe pinch, says IWTO.

Wool prices have continued to dip today but losses were less than half yesterday's fall as growers withdrew more clips from sale.

NT cattlemen say veto powers on non-pastoral use permits unnecessary and holding back ag development in the Top End.

The US-China trade war is having a damaging impact on Australia's wool market which depends heavily on demand from China.

The Australian wool market is in danger of becoming a casualty of the US-China trade war.