A great annoyance

 “People that think they know everything are a great annoyance to those of us who do” – Isaac Asimov

Another frustrating week for the wool market. The positive sentiment that abounded last week was nowhere to be seen. Even prior to the start of the auction series Tuesday bidding on the forwards was very muted. The prompt window was bid at a two percent discount with a little bit more confidence into the autumn. Late 2025 and into 2026 remains sort after with the buyers. Support lingers, as it has for a number of months, at a premium to cash with November 21.0 trading at 1450 (+17 to cash).

The spot auction weakened between two and three percent with fine merinos most affected. This had an immediate influence on the forward market with bids in the first half of 2025 withdrawing from the screen. This continues a worrying trend with the forward market being overly influence by the rollercoaster nature of the spot. The excessive reliance on indents over forward firm offers adds to the volatile nature of a market swayed by currency and unbalanced external rhetoric.

Next week sees more than 40,000 bales on offer.

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