Positive signs
Wool Market Update 8th March 2024
The spot market opened again delivering a positive start to the week. More importantly the follow up Wednesday was even better. The EMI put on 14 cents for the week. All merino qualities rose between 15 and 30 cents while Crossbreds rose 5 cents.
The forwards pre-empted the Tuesday rise and continued to be offered at small premiums to cash. The franking of rise Wednesday saw levels retained on the forwards out to June at cash across all microns. Forwards traded only lightly with buyers looking to hedge with whatever was available and sellers remaining hesitant to commit after weeks of price erosion. 18.5/19.0 and 21.0 all traded across March to June.
Forwards closed the week well bid providing opportunities for growers at prices not seen for since January.
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