THE week 33 series of sales saw a return to more "normal" trading conditions following the recent wild and erratic swings.
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The Eastern Market Indicator showed a -10ac week-to-week movement which was an excellent result in a 50,000-bale week.
Whilst China is buying 87 per cent of the wool clip, Italian concerns are now buying the higher end of the market with the need to satisfy their quality needs. We saw a good selection of superfine Tasmanian wools on offer which was very well supported by the trade and Italy was very strong also.
Other large European processors were in the mix as well and the talk of some orders from India finding their way into the marketplace, is positive.
Top price for the week was 3140 ac/kg for a 14.3 micron lot in Sydney.
Sentiment is positive in the merino side of the market now, let's hope partially as a result of the Covid-19 vaccine rollout in our customers' countries.
Forward markets show a 20ac premium and 40ac premium to cash respectively for 19 and 21 micron from December 2021 to June 2022.
Unfortunately, crossbreds finished the week lower. The bulk quantity orders for these wools that we were used to pre-Covid 19 are limited so poorly prepared clips are being passed over as the buyers pick the eyes out of the selection.
Week 34 shows an offering of 48,977 bales Australia-wide and week 35 is looking to be around the 48,000-bale mark as some of the wools that have been "on hold" are now being offered up for sale.
