Best kept last

Wool Market Update 15th December

“Most people miss opportunity because it is dressed in overalls and looks like work.” – Thomas A. Edison

The best left to last. The final spot auctions for the year saw prices rise across the board. Super fine wools benefited most with 16.5 and 17.0 lifting over 100 cents. Other merino microns rose 30 to 60 cents as buyers looked to fill commitments prior to the recess. The week closed a little off the peak on Thursday as orders were filled, and the Aussie Dollar firmed.

The forward market reacted accordingly with growers longer term orders were filled. Highlights were 17.0 trading March at 1905 and January 2025 19.0 microns trading forward above 1500 for the first time since June this year. Buyers have lifted forward levels but remain selective on limited volume. With the recess upon us for three weeks the opportunity presents for sellers to access potential hedge levels. Spot prices are now above long-term averages and at season highs. Currently bids dominate the forward board with buyers populating the first quarter of 2024. Interest remains for March to July 2025 on 19.0 microns.