The Australian wool market saw corrections this week, with the Eastern Market Indicator (EMI) dropping 27 cents a kilogram to 2067c/kg.
This saw a surge in the passed-in rate, which went up 7.2 per cent to 9.8pc, on a slightly increased offering week-on-week of 35,630 bales.
The Southern Market Indicator fell 29c/kg, closing the week at 2022c/kg.
And prices were discounted from the very first lot, slowly deteriorating as the sales progressed, with almost every micron recording a decrease on the previous week’s sale.
Worst hit in the falling market were the lower yielding, inferior types.
Due to currency movement, when viewed in USD terms, the EMI only fell by 3USc/kg.
Concerns are increasing about production for the rest of the season, due to the dry conditions being felt by most parts of the country.
This week’s offering was 13.3pc lower than the same auction last year.
