Market Morsel: I’ll pass
During November the southern market indicator dipped under 1200c/kg cln and the northern market indicator dropped from a little above 1400 cents in late October to a low of 1315 cents during this month.
Wool producers have responded to the easing market by reducing sales volumes over the month. The average weekly wool sales volumes over November was 29,123 bales, which is the lowest weekly sales have been this year including the mid-winter dip seen in June when average weekly sales fell to 29,203 bales.
Current weekly average wool sales volumes are running 16% under the five-year seasonal pattern and sit at the lower end of what is considered to be normal for this time in the year, as demonstrated by the 70% grey shaded range on the chart below. Lower sales volumes have provided some mild price support to wool sales during the final week of wool sales in November.