By Robert Herrmann | Source: Riemann
On the back of lacklustre wool auctions this week, Riemann Wool Forwards were also very quiet. This saw bids evaporate as the wool trade waited to see where the auctions would settle.
Buyers report that the major customers see 1300 cents (for 21 MPG) as a price level where they will begin to build forward purchases; above that and processors are reluctant to operate in the forward market.
The recent A$ led volatility in the wool market has reinforced the need for growers to take cover on some of their future production; using “Good Till Cancelled” (GTC) orders in the market to prepare for any rally.
Riemann two-month trade summary
Mecardo information is provided to assist in your marketing decisions. It contains a range of data and views on the current market. It is not intended to constitute advice for a specific purpose. Before taking any action in relation to information contained within this report, you should seek advice from a qualified professional. The information is obtained from a variety of sources and neither Mecardo nor Ag Concepts Advisory will be held liable for any loss or damage whatsoever that may arise from the use of information or for any error or mis-statement contained in this report.
Mecardo will send you its latest market analysis outlook delivered to your Inbox as it's published. You will also receive one month Premium access for free.
You tell us what information you want to hear about, so you'll only be alerted to information that is relevant to you.Learn more about Mecardo Sign Up Now!