Wool market keeps falling but at a slower rate

Wool market dips again with the EMI shedding another 51c


Sheep
ARE WE AT THE BOTTOM YET? The pace of the slide in wool prices slowed today raising hopes the horror run of the past fortnight is running out of steam.

ARE WE AT THE BOTTOM YET? The pace of the slide in wool prices slowed today raising hopes the horror run of the past fortnight is running out of steam.

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

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While the wool market kept sliding today, the small comfort for growers was that the benchmark eastern market indicator (EMI) fell by "only" 51 cents a kg to 1513c.

Yesterday the EMI plummeted by a whopping 112c to finish at 1564c.

AWEX reported a pass-in rate of 36.7 per cent today on an offering of 18,057 bales in Sydney, Melbourne, Fremantle and New Zealand.

The wool market is feeling a world of pain from growing economic uncertainty around the world headed by the US-China trade war which has triggered a big cutback in Chinese wool purchases.

AWEX reported the Sydney fleece market continued tracking downward but at lower levels to yesterday's falls.

Wools 18.5 micron and finer eased by 20-40c with some non-mulesed lots attracting strong buyer support to generally maintain yesterday's prices.

Broader microns eased by 35-80c across all types and descriptions.

Merino skirtings ended 30-40c lower with 18.5 micron and broader wools less affected.

The Melbourne sale saw reduced offerings as growers withdrew clips and the pass-in rate remained high at 34pc.

Best Style wools along with non-mulesed lots escaped the worst of the price drops.

Wools 17 micron and finer fell 55cs. Strong competition for 17.5 to 18.5 micron lots kept losses to 15-20c.

Wools 19 micron and coarser lost from 60-90cs. Merino skirtings 17 micron and finer eased by 30-40c.

The Fremantle fleece market continued to lose ground on the back of yesterday's big drop.

Many vendors pulled clips from the sale resulting in 39pc of the fleece offering being withdrawn prior to sale.

Of the wool left in the market prices generally fell by 55-95c with 19 micron and coarser most affected.

AWEX said more than 53pc of the fleece offering failed to meet seller reserves.

Sales resume in Sydney and Melbourne next Tuesday with 33,696 bales rostered for sale over two days.

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