It is the first time since 2002 that this milestone was achieved so early in the season. To put it into perspective, last season at the corresponding sale only $800 million worth of wool had been sold, 26 per cent below the amount realised this year, even though total amount of bales sold was only 12pc lower.

In the previous season the billion-dollar amount was not achieved until week 21. After the lacklustre performance of recent weeks, the market gained significant positive territory as strong buyer interest returned.

Although the focus continued to be on well measured wools, all types and descriptions in each micron range enjoyed similar gains as buyers fought for market share.

Generally, prices rose by 10 to 40 cents across the entire merino spectrum, pushing the Benchmark Eastern Market Indicator (EMI) up 10 cents, to close the week at 1578 cents. Notably, the EMI lost 13 cents in US dollar terms due to currency movement.

This week the skirtings performed very well, prices generally rose by 20 to 50 cents, the low vegetable matter types (less than two per cent in particular) and wools less than 17.5 micron enjoying the largest lift in price. As has been the case in recent sales, the crossbred market lacked buyer interest again this week.

Generally, prices were reduced by 20 to 40 cents, any poorly prepared lines struggled to attract competition and experienced the largest reductions in price. The oddment sector continued its upward trend this sale. Locks, stains and crutchings came under intense buyer pressure pushing prices up by 30 to 40 cents.