Falklands : Falkland Wool Growers Report for Week Ending 29/06/07
Submitted by Falkland Islands News Network (Juanita Brock) 04.07.2007 (Article Archived on 18.07.2007)
Robert Hall updates us on the latest wool market results.
WOOL REPORT: for the week ending Friday 29th June 2007
The Australian Eastern Market Indicator moved down 18 cents on Tuesday, and 17 cents on Wednesday before recovering 10 cents on Thursday. The EMI therefore lost 25 cents on the week to close at 931 A cents. “Wool buyers and exporters have strongly condemned the second successive huge increase in the roster for the first sale of the 2007/2008 season on July 3-5 – the last sale before the mid-season break. The estimate rose this week by 17.4% after increasing by 20.4% last week. The combined two week change of 41.3% is unprecedented and is believed to be the most significant factor in the market’s decline this week which fell be a further 2.6%.” WRWMR. 56,563 bales saw an 81% clearance.
There was no South African auction this week.
In New Zealand, the Merino Indicator was not quoted. The Mid-Micron indicator was down 8 cents to 612 NZ cents. The Fine Crossbred Indicator was down seven cents at 317 NZ cents whilst the Strong Crossbred Indicator was lower by five cents at 303 NZ cents. The Lambs Indicator was down a cent at 323 NZ cents.
The Australian dollar was trading slightly weaker by about two cents at A$2.37/£ whilst the New Zealand dollar was weaker by a cent at NZ$2.63/£.
Manufacturers continue their hand-to mouth purchases.
A number of customers purchased a good weight of fleece wool.