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Friday, February 22, 2019

Weekly Wool Forwards for week ending 22 February 2019

By Olivia Agar  |  Source: Riemann, Mecardo

Key points

2019-02-22 Wwf 1

 

Last week we tipped more activity on the forwards market in the coming weeks. What we didn’t expect, was the driving force behind the spike to come from South Africa. With China suspending all greasy imports from SA, overseas buyers have pounced on the Australian market to secure supplies through this uncertainty.

Sixteen trades dealt in total over the week, despite a lift in the AUD to 0.716 in US terms.

In the fine wool category, 19 micron wool traded at 2,310¢ for May 2019. Contracts for October 2019 dealt in a wide range between 2,190¢ and 2,260¢, while November saw deals struck at 2,200¢ and 2,225¢.

Sellers were happy to look well ahead to lock in some prices. February 2020 contracts traded at 2,200¢ for the 19 micron. Deals were also struck for October and December 2020, and even January 2021, at an agreed price of 2,075¢.

In the medium fibre category, we saw 21 micron at 2,290¢ for February 2019. June 2019 landed two deals at 2,240¢ and 2,260¢, while October and November traded at 2,150¢.

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Northern MPG
Northern MPG

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Southern MPG
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Western MPG
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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. 

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