The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI) has fallen 32c to settle on 1231c/kg.
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Moses and Son principal, Marty Moses of Temora 47,357 bale were offered with 10.7 per cent passed in.
“In what has been referred to as a “technical correction” the AWEX EMI has posted an 11 per cent fall from the market peak in early June,” Mr Moses said.
The selling week opened on Wednesday and displayed some support at last week’s closing levels.
“This was short lived and the market could not sustain the prices paid earlier in the day,” he said.
“Thursday opened weaker, however, attracted some support towards the end of the day which has been a repeat of the past two week’s trends,” he said.
Next week 42,000 bales will be offered in all three Australian selling centres, and will be last sale before a three-week recess.
“As we have seen in past years, Australian exporters will want the market to show a positive finish to the series to ease the pressure of selling forward for August delivery and beyond,” he said.