S.Atlantic : Falkland Wool Growers Report for Week Ending 7 FEB
Submitted by SARTMA.com (Juanita Brock) 08.02.2003 (Article Archived on 22.02.2003)

Robert Hall tells us what the wool market has been doing this week

WOOL REPORT: for the week ending Friday 7^th February 2003

This week Australia was almost firm. The Eastern Market Indicator (EMI) lost a cent on Tuesday, recovered the same on Wednesday and went three cents adrift on Thursday. The EMI thus closed the week down three at 1,162 A cents/kg. Of the 57 thousand bales offered, 86 percent were cleared. China continues to celebrate its New Year – the Year of the Sheep (or Ram).

In South Africa the Cape Wools Overall Merino Indicator lost four percent to move from 4,722 to 4,533 SA cents/kg. Three reasons were given for the fall: the rand moved to a high level against the US dollar, it was a below average selection and a major exporter withdrew from the market.

In New Zealand, Thursday’s auction did not quote the Fine Indicator, the Medium Indicator lost another ten cents to close at 706 NZ cents, the Strong Indicator lost three cents to 448 NZ cents whilst the Lamb Indicator also lost further ten cents to finish at 437 NZ cents. Of the 19 thousand bales on sale, 84 percent was sold.

The British sale was postponed due to lower UK production and good clearance rates of late.

For much of the week the Australian dollar was trading two cents stronger on the week at about A$2.78/£ whilst the New Zealand dollar was another also two cents stronger at NZ$3.00/£.

The Bank of England reduced borrowing rates by quarter of one percent to 3.75 percent.

This year’s Fine Wool Challenge Competition has produced a keen start with San Carlos farms capturing an early lead with their hogget wool: Blue Beach leads with 21.2µ, Wreck Point lies in second place with 21.6µ followed by Head of the Bay with a result of 22.0µ.

We have received good speciality enquiry for wool across the board during the week with some business booked. Any additional supplies of wool would be welcomed by our customers.

Many thanks for all the bale specifications received of late. Please immediately fax/e-mail all remaining details of bales on the Elizabeth Boye.

With Regards

Robert Hall