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Weekly Market ReportFor the latest edition, please refresh this page With Mark Dyson, Managing Director
February 4, 2011 Market fundamentals creating bright outlook
THE wool market has continued to break new ground this week.
Small offerings, concern over delayed shearings and wool transport due to the floods, as well as export restrictions on South African wool linked with Rift Valley Fever has resulted in major trade interest and spikes in the Australian market.
The Eastern Market Indicator reached its highest ever closing level this week at 1255 cents per kilogram clean, a significant jump of 60c/kg. The market has soared more than 20pc since the start of 2011.
In US terms it climbed 78c/kg to 1268 US dollars/kg – the highest ever achieved in US currency and a whopping 35pc above the previous record.
This also was despite a further rise in the Australian dollar against the Greenback from 99.6 to 101 US cents.
The market increased significantly in euros as well, adding another 51c/kg from 869c/kg to 920c/kg.
A total 43,508 bales was put to the trade for a 96pc clearance.
Finer wools were again highly demanded, with prices now up by about 30pc on these types since this year’s opening sales.
Better style skirtings in the 17-18 micron range also fetched up to an extra 50c/kg this week. Pieces and bellies were not far behind, gaining 40-50c/kg.
Crossbred wools continued to enjoy the spirited competition too, with 29 micron types increasing by about 10c/kg and 30 micron wools gaining 5c/kg. Oddments kicked by another 25-30c/kg as well.
Chinese buyers dominated auction proceedings, especially in light of the export restrictions on South African wool, however Europe, India and Taiwan also were strong in their competition.
With the current market fundamentals, including the fact that stored wool stocks will be dwindling, the outlook remains bright.
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Quality Wool offers a full range of low-cost marketing options to growers, including auction, electronic selling (Wooltrade), private buying, forward contracts, consignment and export. 
Quality Wool also offers a complete range of farm inputs and general agricultural merchandise through our subsidiary, Quality Rural. We are able to offer products at the most competitive prices, delivered promptly and efficiently, and backed by reliable service and support.