Week 47 saw the market react with substantial corrections across the entire merino range.
With just over 34,000 bales offered for sale nationally, the opening day saw the NMI lose 9 cents with falls of 15 – 20 cents in the medium ranges and up to 30 cents at the finer end.
Day two saw all types and descriptions suffer further reductions with the NRI shedding a further 23 cents to close at 1580 (-32 for the week). Again it was the medium microns that were less affected with a reduction of < 30 cents, however the finer end was hard hit dropping back 50 – 60 cents.
A limited selection of oddments saw keen competition among the carding buyers, enabling this sector to buck the trend and record small increases. The crossbreds also performed relatively well, with strong competition leaving most types and descriptions only 5 to 10 cents cheaper.
The amount of wool coming onto the market continues to retract, with just over 30,000 bales rostered next week.
Source:AWEX